CFPB Claims Supervision Over Google Unit, Which Promptly Sues

The Consumer Financial Protection Bureau said it’s claiming supervisory authority over Google Payment Corp., as the agency extends its oversight of nonbank financial platforms. The unit of Alphabet Inc. promptly filed a lawsuit to fight the move.

The CFPB’s finding, announced in a statement Friday, is a step toward conducting exams, though it doesn’t necessarily mean the agency will do so. Nor does it mean that the company engaged in wrongdoing.

“While Google Payment Corp. is already subject to CFPB’s enforcement jurisdiction, the CFPB has determined that Google Payment Corp. has met the legal requirements for supervision,” the CFPB said. ...