Yesterday, the Consumer Financial Protection Bureau (CFPB) moved to bring Google under formal federal supervision, subjecting the company to the same rigorous regulatory practices intended for traditional banks. The CFPB brought action against Google’s peer-to-peer payment service, Google Pay – even though Google discontinued the service earlier this year.

“Director Chopra is like Captain Ahab in his single-minded crusade against Big Tech. In this case, he’s using his final weeks on the job to launch a broadside against a Google service that no longer even exists,” said Chamber of Progress Founder and CEO Adam Kovacevich. “CFPB actions need to be based on consumer harm, and consumers can’t be harmed by a service that is no longer available.” 

The order comes as the CFPB faces a barrage of criticism over its ‘larger participant’ rule, which the agency finalized last month.

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Chamber of Progress (progresschamber.org) is a center-left tech industry policy coalition promoting technology’s progressive future.  We work to ensure that all Americans benefit from technological leaps, and that the tech industry operates responsibly and fairly.  

Our corporate partners do not have a vote on or veto over our positions. We do not speak for individual partner companies and remain true to our stated principles even when our partners disagree.