Google Offers Financial Services but Resists CFPB Financial Supervision
Washington, DC — On Thursday, The Washington Post reported that the Consumer Financial Protection Bureau is planning to place Google under federal supervision, similar to how banks are supervised. The Post further reported that Google was resisting that effort. Through services like Google Wallet, Google provides payment services and handles consumers’ financial data just like other financial institutions. But unlike other financial institutions, Google has not had to follow rules and regulations ensuring that companies do not engage in deceptive or predatory behavior.
The following is a statement from Demand Progress Education Fund Corporate Power Director Emily Peterson-Cassin:
“If Google looks like a bank and acts like a bank, then it should be regulated like a bank. For far too long, Big Tech companies like Google have recklessly barged into our financial lives without accountability—all while consolidating their market dominance and kneecapping smaller competitors. Because of the CFPB’s efforts, billions of ill-gotten dollars have been returned to consumers and financial institutions have been forced to abandon predatory, extractive practices that harm all Americans. It is characteristically arrogant for Google to think that they should not have to follow the same rules governing companies offering similar financial services. As we head into a new presidential administration, it will be vital to keep up aggressive oversight like this.”