The Consumer Financial Protection Bureau has begun the process of placing Google under federal supervision, a move that could create new standards for how the federal government can oversee Big tech if the effort is successful. Falling under CFPB oversight would subject Google to regular inspections and scrutiny, although the exact goals of the department's efforts have not been fully disclosed. However, it has been an ongoing project for some time, as sources said. that Google has been fighting this CFPB measure for months.
This department was created in 2008 in response to the financial crisis of that year, and its goal is to protect consumers from unfair or deceptive financial practices. The CFPB primarily focuses on companies like banks and credit unions, but Director Rahit Chopra has expressed interest in recent years in subjecting technology companies that offer financial products to similar oversight. For example, the office launched an investigation into the payment systems of the app stores of amazon, Apple, facebook, Google, PayPal and Square.
The CFPB's preliminary steps to oversee Google and the agency's entire scope of operations will likely be affected by Donald Trump's return to the presidency in early 2025.
