The CFPB now has supervisory authority over Google Payment Corporation following a supervisory designation order issued Friday. Google was previously only subject to the bureau’s enforcement jurisdiction.

The CFPB noted that the order “does not constitute a finding that the entity has engaged in wrongdoing.” Google has sued the bureau in response.  

America’s Credit Unions has long advocated for the bureau to begin exercising supervisory authority over nonbanks in consumer financial services, with both legacy organizations previously offering support for the change. In addition, America’s Credit Unions offered support for the bureau’s rule to designate certain providers of general use digital consumer payment applications as “larger participants” subject to the CFPB’s supervisory authority.