The Consumer Financial Protection Bureau has begun the process of bringing Google under federal control, which, if successful, could set new standards for how the federal government can oversee big tech. Falling under CFPB oversight would subject Google to regular inspections and audits, though the exact goals of the department’s efforts have not been fully disclosed. However, according to sources, this has been an ongoing project for some time Google has been fighting the CFPB’s move for months.
The department was created in 2008 in response to the financial crisis of that year, and its purpose is to protect consumers from unfair or deceptive financial practices. The CFPB primarily focuses on businesses such as 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 bureau launched an investigation into app store payment systems from Amazon, Apple, Facebook, Google, PayPal and Square. .
The CFPB’s initial moves to oversee Google and the agency’s entire scope will likely be affected by Donald Trump’s return to the presidency in early 2025.
