Tech Groups Sue to Block CFPB Rule Targeting Apple, Google (2)

A pair of trade groups representing Facebook parent Meta Platforms Inc., Apple Inc., and Google parent Alphabet Inc. sued to block a Consumer Financial Protection Bureau rule that’s set to bring those companies’ payment operations under the agency’s supervision.

The CFPB failed to show that digital payment companies subject to the agency’s “larger participant” rule posed a risk to consumers as required under the 2010 Dodd-Frank Act, TechNet and NetChoice LLC said in a complaint filed Thursday in the US District Court for the District of Columbia.

“The Bureau has sought to define a purported market for supervision ...