CFPB Looks To Place Google Under Federal Supervision
- Reference: 0175470691
- News link: https://news.slashdot.org/story/24/11/14/1439227/cfpb-looks-to-place-google-under-federal-supervision
- Source link:
> The Consumer Financial Protection Bureau has taken steps to place Google under formal federal supervision, an extraordinary move that could subject the technology giant to the regular inspections and other rigorous monitoring that the government imposes on major banks.
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> Google has fiercely resisted the idea over months of highly secretive talks, according to two people familiar with the discussions, who spoke on the condition of anonymity to describe them -- setting up what may ultimately be a major legal clash with vast implications for the CFPB's powers in the digital age.
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> The exact scope of the CFPB's concerns is not clear, and its order does not appear to be final. The political fate of the bureau's work under Director Rohit Chopra is also in doubt, as the watchdog agency braces for potentially significant changes to its leadership and agenda with the return of President-elect Donald Trump to the White House.
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> Formed in the aftermath of the 2008 financial crisis, the CFPB has broad powers to protect consumers from unfair, deceptive or predatory financial practices. That includes the ability to place certain firms under supervision, a status that can afford regulators direct access to the company's internal records to ensure their activities are sound -- and seek fixes if they are not.
[1] https://www.washingtonpost.com/business/2024/11/14/cfpb-google-federal-supervision/
Pointless (Score:1)
Pointless.
Republicans as of January 20 own the House, the Senate, and the Executive Branch, and Trump owns the Repubicans.
Trump won't allow any executive agencies to do anything that impacts billionaires in any way except lowering their taxes.
Re: (Score:2)
Hahahahaha yeah, the republicans LOVE Google and would never do anything to harm them after the bullshit they pulled in the last 2 elections. Remember, they own Youtube.
Re: (Score:2)
Yeah, I can't see Trump helping out Google. His Supreme Court might, though; this looks a lot like a an attempt by the agency to greatly expand its own authority, and the current Supreme Court has been skeptical of such things.
Re:Pointless (Score:4, Interesting)
It's been skeptical of such efforts in a Democratic regime . I would love for them to maintain ideological consistency when these agencies are in a Republican regime, but I am somewhat dubious they will be consistent. Time will tell.
Re: (Score:2)
The analogy is the phone system. The government retains oversight of it. Google got away with it until now. The rest of the social media providers should get used to this kind of harassment, it's coming.
You didn't think the government ever gave up on control, did you?
Re: Makes no sense (Score:1)
If you use WhatsApp or any other voice platform that does not tie into the POTS system, you can avoid all government regulation and taxes associated with voice.
Re: (Score:2)
Google handles transactions for millions of consumers around the world so the concern is probably something like [1]https://www.consumerfinance.go... [consumerfinance.gov]
For example, if Google Pay on NFC-enabled phones is [2]hackable [hackmag.com] and Google doesn't make some effort to provide security measures or compensation for exploits when they occur in the US, it's a US consumer protection concern.
FTFA the "exact scope of the CFPB's concerns is not clear, and its order does not appear to be final" so better to wait to see if they even move
[1] https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-apple-and-goldman-sachs-to-pay-over-89-million-for-apple-card-failures/
[2] https://hackmag.com/security/pay-systems-attacks/
Re: (Score:3)
In general, that's what they've done. Google any kind of "issue with bank" and you get CFPB on the phone and boom, somehow it's resolved tout de suite. Should the consumer not have someone on their end to protect from unfair business practices?
Re: (Score:2)
"Google does not handle people's money."
[1]They don't? [google.com]
[1] https://wallet.google.com/wallet/home