Google pushes back against federal supervision of its payment arm

The Consumer Financial Protection Bureau (CFPB) announced Friday that it was placing Google’s payment arm under federal supervision. In response, Google filed a lawsuit seeking to block the move.

Such supervision would subject Google to the same inspections that the CFPB conducts with major banks and other financial institutions for potential violations of the law. The CFPB recently finalized regulations that brought payments and digital wallet services under its purview.