CFPB is reportedly trying to put Google under bank-like supervision
Illustration by Hugo Herrera / The Verge
The Consumer Financial Protection Bureau (CFPB) is seeking to put Google under federal supervision, a move that could impose the same kinds of monitoring and inspections used on banks, The Washington Post reports.
The CFPB’s concerns are not totally clear and the order may still change, according to the Post, citing two unnamed sources. Both the agency and Google declined to comment on the report. But, plenty could change once President-elect Donald Trump reassumes office in January and puts forward his own pick to lead the agency.
The CFPB was created in the wake of the 2008 financial crisis to protect consumers from unfair practices by financial institutions. While it already inspects more traditional finance businesses like banks,...