US regulator wants to treat Google as a bank, bring it under same financial laws

The Consumer Financial Protection Bureau (CFPB) has initiated steps to place Google under the same federal supervision as major banks, a move that could subject the tech giant to regular financial inspections and monitoring, The Washington Post reported Wednesday.
The regulatory action, if finalised, would give federal authorities direct access to Google's internal records and operations related to its financial services, including Google Wallet and payment systems. Google has strongly resisted the supervision during months of confidential discussions, according to sources familiar with the matter.
CFPB's unprecedented move reflects growing concern over tech companies' expanding role in financial services without facing the rigorous oversight applied to traditional banks. The agency has received hundreds of customer complaints about unauthorised charges on Google's services in recent years.
The exact scope of CFPB's concerns remains unclear, and the supervision order is not yet final. The initiative's fate may also hang in balance with President-elect Donald Trump's upcoming return to office, which could bring significant changes to the agency's leadership and agenda.
Google spokesperson José Castañeda declined to comment on the development, as did the CFPB.
The tech industry has pushed back against similar oversight attempts, arguing that digital payment services differ fundamentally from banking institutions and shouldn't face equivalent supervision. Industry groups warn that CFPB inspections could extend beyond financial offerings to scrutinise entire business operations.
The move is part of CFPB Director Rohit Chopra's broader initiative to expand oversight of technology companies' financial practices. The agency has already implemented similar reviews for fintech company Affirm and is investigating other tech giants including Meta and Block for their handling of financial data and customer disputes.