Overview

• The Consumer Financial Protection Bureau (CFPB) has withdrawn its December 2024 order to supervise Alphabet's Google Payment Corp.
• This marks a reversal of a Biden-era initiative aimed at increasing regulatory scrutiny of nonbank financial platforms.
• Google will drop its lawsuit against the CFPB, which it filed in February 2025, challenging the bureau's authority.
• Acting CFPB Director Russell Vought stated the supervision was an unnecessary use of the agency's powers and resources.
• Google had already retired its U.S. peer-to-peer payment service in June 2024, months before the initial oversight order.