CFPB Ends Oversight of Google Payment Corp

According to PANews, the U.S. Consumer Financial Protection Bureau (CFPB) has ended its regulatory oversight of Google Payment Corp, reversing a decision made during President Joe Biden's administration to include it under non-bank financial regulation. Acting CFPB Director Dave Uejio described the regulation of Google Payment as a 'misuse of resources.' However, Google had already shut down this payment service in June of last year. During Biden's tenure, the CFPB, under former Director Rohit Chopra, prioritized the regulation of non-bank financial institutions such as digital wallets and payment applications. However, the agency has since shifted its focus towards licensed banking institutions, leading to the termination of several regulatory policies and lawsuits targeting non-depository financial companies.