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CFPB, Block and Cash App
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
The Consumer Financial Protection Bureau (CFPB) announced today that's it's fining Block, the creator of Cash App and parent company of Square, $120 million in "refunds and redress" and a $55 million fine for how the company handled fraud on its payment platform.
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.
American Banker
4h
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 ...
National Mortgage News
7h
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 ...
cryptopolitan
15h
US consumer finance watchdog faces lawsuit for classifying digital wallets as banks
Technology trade groups TechNet and NetChoice filed a lawsuit on Jan. 16 to challenge the CFPB's regulatory approach.
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