US CFPB fines Cash App-parent Block over insufficient fraud protection
The Consumer Financial Protection Bureau on Thursday ordered payments firm Block to pay a penalty, citing fraud and weak security protocols on its mobile payment service Cash App. The regulator said Block,
Tech firms sue consumer regulator over payment app oversight rule
Technology trade groups are suing the Consumer Financial Protection Bureau, saying the agency should not have regulatory oversight over mobile payment apps.
US consumer finance watchdog orders payments firm Block to pay $175 million
The Consumer Financial Protection Bureau (CFPB) on Thursday ordered payments firm Block to pay a penalty tied to the operations of its peer-to-peer payments network CashApp. The order includes a redress to consumers of up to $120 million and a penalty of $55 million into the CFPB’s victims relief fund.
US consumer finance watchdog fines payments firm Block over Cash App operations
The Consumer Financial Protection Bureau (CFPB) on Thursday ordered payments firm Block to pay a penalty citing fraud and weak security protocols on its mobile payment service Cash App.
Consumer Finance Watchdog Asks Block To Pay $175M Over Cash App Deficiencies: Retail Remains Unfazed
The Consumer Financial Protection Bureau (CFPB) has ordered Block Inc., the operator of peer-to-peer payments app Cash App, to pay $175 million in refunds, compensation, and penalties for certain deficiencies.
Block agrees to pay $120 million in refunds to resolve Cash App fraud
The Consumer Financial Protection Bureau announced the order on Thursday in the waning days of the Biden administration.
CFPB Orders Cash App Operator to Compensate Consumers Over Fraudulent Payments
CFPB said Block employed weak security protocols for payments platform Cash App and put its users at risk. It added that Block is required by law to investigate and resolve disputes about unauthorized transactions but that its investigations were incomplete.
Cash App operator Block to pay $175 million for fraud failures
Today, the Consumer Financial Protection Bureau (CFPB) imposed a penalty on Block, the operator of the Cash App, for its failure to effectively address fraud on its platform. The company has been ordered to pay a total of $175 million,
NerdWallet2d
What Is the Consumer Financial Protection Bureau?
The Consumer Financial Protection Bureau, or CFPB, is a government agency that oversees the consumer finance industry, ...
JD Supra1d
CFPB Introduces New Rule Banning Certain Contractual Provisions in Consumer Financial Agreements
The Consumer Financial Protection Bureau (CFPB or Bureau) proposed a new rule aimed at banning certain contractual provisions in agreements ...
No magic ‘wand’ for the GOP in scrapping consumer rules
A flurry of recent actions by the Consumer Financial Protection Bureau has left Republicans seething about “midnight ...
Consumer bureau sues Capital One for ‘cheating’ customers on savings account interest
The government’s consumer watchdog sued Capital One on Tuesday for “cheating” customers out of billions in interest payments.
JD Supra23h
CFPB Releases Report Highlighting Consumer Use of Buy Now, Pay Later Products
On January 13, the Consumer Financial Protection Bureau (CFPB or Bureau) released a report providing its analysis of the growth and impact of Buy ...
The National Law Review1d
What the Future May Hold for the Consumer Financial Protection Bureau's Open Banking Rule
Will the Consumer Financial Protection Bureau’s (CFPB) recently promulgated open banking rule survive under the new Congress ...
Consumer watchdog sues Capital One for allegedly 'cheating' customers out of interest payments
Capital One is defending itself from the CFPB's claims that it cheated customers out of billions of dollars in interest ...
JD Supra22h
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – January 2025 # 2
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the ...