US regulator places Google Payment under supervision, company sues
The Hindu
The US watchdog for consumer finance on Friday announced it was ordering federal supervision of Google Payment.
The US watchdog for consumer finance on Friday announced it was ordering federal supervision of Google Payment Corp., the internet giant's payment arm, a decision the company immediately said it was challenging in court.
The Consumer Financial Protection Bureau announced the step saying it had determined services offered by Google Payment had posed a risk to consumers.
The regulator's step and the subsequent lawsuit marked a government tussle with a Silicon Valley behemoth in the final weeks of President Joe Biden's administration. The regulator's move could be reversed after President-elect Donald Trump returns to the White House in January.
Under Biden, the CFPB has been more closely scrutinising the growing sector of financial services provided by Silicon Valley rather than traditional banks.
The agency cited nearly 300 consumer complaints, many of which concerned reports of fraud, scams and unauthorised transactions. It said it did constitute a finding that the company had engaged in wrongdoing.
The CFPB order nevertheless said consumer complaints indicated Google Payment had failed to investigate complaints about erroneous transfers, among other potential violations, and that the law allowed for supervision even if Google has discontinued the services in question.
In a lawsuit filed after the CFPB announcement, Google Payment Corp. said the regulator had relied on a small number of unsubstantiated complaints concerning a product it no longer offered.
xAI’s Grok may soon come to an iOS app as the company announced its Series C funding round of $6 billion.
Biocon and Zentiva receive EU approval for Liraglutide, a complex formulation for diabetes and weight management.
Equity markets fluctuate as Sensex and Nifty rise initially, then fall; global markets and oil prices also discussed.
Microsoft has been working on adding internal and third-party AI models to power Microsoft 365 Copilot.
China's dominance in critical minerals poses supply chain vulnerabilities for India, US, and EU nations, requiring strategic diversification efforts.
India's controversial popcorn tax system sparks outrage and criticism, with opposition questioning the complex GST rates.
ICAI President investigates auditing lapses at Byju's, disciplinary committee probing, details undisclosed, part of ongoing investigations.
Sensex and Nifty rebound sharply after steep decline, driven by value buying, bluechip stocks, and global market rally.
AS-IT-IS Nutrition aims for ₹300 crore GMV in 2025 with ATOM range, endorsed by Ravindra Jadeja.
Adani Group acquires Air Works, India's largest MRO company, expanding its aviation services with a ₹400 crore deal.
Sterling and Wilson Renewable Energy Ltd. secures ₹1,200 crore order for 500 MW Solar PV project in Gujarat.