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.

Google filed a lawsuit Friday against the Consumer Financial Protection Bureau after the agency issued an order placing the tech giant under federal supervision due to concerns about Google Pay, according to multiple outlets,

Google sued the Consumer Financial Protection Bureau on Friday, challenging the agency’s decision to place Google’s payment division under federal supervision.

The order prompted Google to file an immediate lawsuit against the federal watchdog agency, seeking to block its oversight. The company claimed the CFPB and its director, Rohit Chopra, had relied on “unsubstantiated” consumer complaints to justify an action that amounted to regulatory overreach.

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 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,

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.