Consumer watchdog halts Biden-era Google Payment supervision

The US Consumer Financial Protection Bureau has withdrawn its efforts to supervise Alphabet‘s Google Payment Corp, a spokesperson for Google said on Thursday, marking a reversal of a Biden-era decision to monitor the nonbank financial platform. The watchdog announced in December that it was ordering federal supervision of Alphabet’s payment arm, a decision the company immediately said it was challenging in court.

Google will now drop its lawsuit since the CFPB has discontinued its supervision efforts, a spokesperson for the company said in an emailed…