CFPB Set to Eliminate Rule Used to Target Google for Supervision

The Consumer Financial Protection Bureau is formally rescinding a rule that the Biden administration used to bring Alphabet Inc.’s Google Payment Corp. under direct supervision.

The CFPB under former Director Rohit Chopra updated what he called a “dormant authority” to subject nonbank companies that present a significant risk of consumer harm to direct oversight from agency examiners. Under the Biden-era rule, first issued in 2022 and updated twice, supervision of designated nonbanks would only become public if the company contested it.

Financial technology companies and other nonbanks said the public disclosure of supervisory designations was unfair and created a ...