US regulatory authorities revoke supervision of Google Pay business

According to Golden Finance, the Consumer Financial Protection Bureau (CFPB) in the United States has revoked its directive to regulate Google's payment business, reversing the Biden administration's decision to regulate non bank financial platforms. The memo shows that Russell Waters, the acting director of the CFPB appointed by Trump, believes that regulating Google Pay is an "improper use of the bureau's power and resources. In December 2023, the CFPB, led by former director Rashit Chopra, stated that Google Pay's business was within its enforcement jurisdiction but still met the regulatory requirements of "legal requirements". However, Google shut down the payment service in June last year. During the Biden administration, the CFPB led by Chopra focused on regulating non bank financial institutions such as digital wallets and payment applications. But as the regulatory focus shifts towards licensed banking institutions, the institution has terminated multiple regulatory policies and lawsuits against non deposit financial companies.