The CFPB was established when Congress passed and President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. The statute was enacted to prevent the events that led to the 2008 Great Recession, the most profound economic crash and downturn since the 1929 Great Depression.

The Consumer Financial Protection Bureau (CFPB) on Friday said it has ordered federal supervision of Google Payment Corp. after determining that it meets the legal requirements for such oversight. The CFPB monitors banks,

Google has filed a lawsuit against the CFPB over its efforts to put the company under a bank-like state supervision regime.

The federal watchdog noted that a call for supervision is not the same as finding Google guilty of wrongdoing. Google has already taken legal taken to block the watchdog's decision, Reuters reports.

The move follows CFPB’s announcement that it would exercise supervisory authority over Google Payment Corp. Google has initiated legal action against the Consumer Financial Protection Bureau (CFPB), challenging the federal agency’s decision to supervise Google Pay.