CFPB revokes regulatory directive on Google Payments, reversing non-bank financial regulatory policy

PANews reported on May 9 that according to Jinshi, the U.S. Consumer Financial Protection Bureau (CFPB) has terminated its regulatory designation for Google Payment Corp, reversing the Biden administration's decision to include it in non-bank financial regulation. CFPB Acting Director Watt said that regulating Google Payment was a "misuse of resources." However, Google shut down the payment service in June last year.

During the Biden administration, the CFPB, led by former Director Rohit Chopra, focused on the regulation of non-bank financial institutions such as digital wallets and payment applications. However, as the focus of supervision shifted to licensed banking institutions, the agency has terminated a number of regulatory policies and lawsuits against non-deposit financial companies.