US regulator wants to treat Google as a bank, bring it under same financial laws

The Consumer Financial Protection Bureau (CFPB) has initiated steps to place Google under the same federal supervision as major banks, a move that could subject the tech giant to regular financial inspections and monitoring, The Washington Post reported Wednesday.
The regulatory action, if finalised, would give federal authorities direct access to Google’s internal records and operations related to its financial services, including Google Wallet and payment systems. Google has strongly resisted the supervision during months of confidential discussions, according to sources familiar with the matter.