The Consumer Financial Protection Bureau ended its oversight of Alphabet's (GOOG, GOOGL) Google Payment unit, reversing a decision made during the Biden administration, Bloomberg News reported Thursday, citing a bureau memo.
The supervision would be "an unwarranted use of the Bureau's powers and resources," Russell Vought, the bureau's acting director, said in the memo dated Wednesday, according to the report.
The service never posed risks and is no longer available in the US, a Google spokesperson said, according to the report.
The bureau didn't immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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