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on Friday said it has ordered federal supervision of Google Payment Corp. after determining that it meets the legal requirements for such oversight. The CFPB monitors banks, credit unions and other financial institutions, and recently finalized a rule to supervise digital payment apps. In the), the CFPB said it has “reasonable cause to determine that Google has engaged in conduct that poses risks to consumers.
The risks identified by the CFPB are tied to Google’s handling of erroneous transactions and fraud prevention. Based on customer complaints, the order said it appears that Google didn’t adequately investigate erroneous transfers, or adequately explain the findings of its investigations into these issues. The complaints also indicate Google didn’t do enough to prevent fraud, the order says.
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