Google files suit against Consumer Financial Protection Bureau | Money [Video]

(CNN) — Google sued the Consumer Financial Protection Bureau on Friday, challenging the agency’s decision to place Google’s payment products under federal supervision.

The CFPB’s decision related to a Google peer-to-peer payment product no longer offered in the US.

In a copy of the lawsuit provided by Google, the company said the CFPB’s supervision would be a “burdensome form of regulation” imposed based on a “small number of unsubstantiated user complaints.”

This is a developing story and will be updated.

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