On May 9, PANews reported that the U.S. Consumer Financial Protection Bureau (CFPB) has terminated its regulatory designation of Google Payment Corp, retracting the Biden administration's decision to include it under non-bank financial regulation. CFPB Acting Director Watt stated that regulating Google Payments was a 'misuse of resources.' However, Google shut down the payment service last June.
During Biden's administration, the CFPB, led by former Director Rohit Chopra, had focused on regulating non-bank financial institutions like digital wallets and payment apps. However, as regulatory focus shifted towards licensed banking institutions, the agency has terminated several regulatory policies and lawsuits against non-depository financial companies.