CFPB Orders Cash App's Parent Company To Pay $175M
Cash App's parent company will have to pay $175 million for poorly protecting its users from fraud and financial crimes on the payment platform, officials said. The Consumer Financial Protection Bureau ordered Block to refund up to $120 million to users harmed by fraud,
CFPB sued for trying to regulate digital payment apps more like banks
Two major tech trade groups are challenging the Consumer Financial Protection Bureau’s (CFPB) effort to treat payment apps and digital wallets like banks. In a lawsuit filed in federal court in Washington,
Tech groups sue US CFPB to block rule on payment apps, digital wallets
Two technology trade groups sued the U.S. Consumer Financial Protection Bureau on Thursday to block a new rule giving the regulator supervisory authority over payment apps and digital wallets from large non-banks.
Block's Cash App Ordered to Pay $175 Million by CFPB Over Fraudulent Transaction Handling
Cash App's parent company Block must pay up to $175 million after a CFPB crackdown on fraudulent transaction handling.
CFPB fines Block $175m over Cash App's lax fraud controls
Per the CFPB, Cash App's Terms of Service at one point claimed that any bank linked to an account for transferring funds was responsible for addressing disputes around fraudulent charges, something that's not generally true under the Electronic Fund Transfer Act.
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.
CFPB Orders Block to Pay $175 Million Related to Cash App Security >SQ
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CFPB Fines CashApp $175 Million for Allegedly Mishandling Fraud Claims
Key Takeaways The Consumer Financial Protection Bureau has fined popular peer-to-peer payment platform Cash App for failing to protect customers from fraud and failing to investigate fraud complaints.
Cash App owner Block to pay $175M over fraud caused by lax consumer protections
Block, the owner of Cash App and Square, will pay $175 million to settle allegations that its lax consumer protection practices put customers at high risk of fraud, the Consumer Financial Protection Bureau said.
CFPB orders Cash App to pay $175 million for fraud failures
Cash App's parent company Block failed to investigate fraud and unauthorized transactions, and refused to refund customers, the Consumer Financial Protection Bureau said.
Biden's CFPB Goes Down Swinging In Blitz Of Rules. But How Many Will Survive Trump?
Key Takeaways In the final days of Joe Biden's administration, the CFPB issued a flurry of new rules and regulations, ...
American Banker2h
CFPB orders Equifax to pay $15 million for credit reporting errors
Equifax agreed to resolve allegations that it failed to conduct proper investigations of consumer disputes, ignored evidence ...
JD Supra23m
New Action on No-Action Letters – CFPB Begins Accepting Applications Under Updated No-Action Letter Procedures
The US Consumer Financial Protection Bureau (CFPB) is giving no-action letters (NALs) a second chance. On January 8, 2025, the CFPB issued a ...
CFPB fines Equifax $15 million for errors on credit reports
The Consumer Financial Protection Bureau fined Equifax $15 million for credit reporting errors. The CFPB alleged the credit ...
American Banker1d
CFPB withdraws NSF proposal and earned wage access opinion
The Consumer Financial Protection Bureau rescinded a proposed rule on nonsufficient funds fees and a 2020 advisory opinion on ...
JD Supra50m
CFPB Reboots No-Action Letter and Sandbox Policies: A New Approach to Financial Innovation…Not
On January 3, 2025, the Consumer Financial Protection Bureau (CFPB) announced a comprehensive reboot of its No-Action Letter (NAL) and ...
National Mortgage News1h
CFPB files amicus brief in home equity investment case
Legal arguments in this case hinge on whether products offered by HEI platforms should fall under the Truth in Lending Act.
American Banker3h
Big Tech companies challenge CFPB's attempt to police them
Organizations that represent Amazon, Apple, Meta, PayPal, OpenAI and many other large technology companies accuse the consumer watchdog, which has given itself authority over companies that facilitate ...