CFPB, Cash App

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.
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,
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.
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.
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.
CFPB orders Cash App parent Block to pay $175M for fraud failures
The Consumer Financial Protection Bureau ordered Block (NYSE:SQ) to pay restitution of up to $120M and a penalty of $55M over alleged weak security protocols for its Cash App, the agency said on Thursday.
Capital One sued by CFPB for allegedly cheating customers out of $2 billion
The U.S. Consumer Financial Protection Bureau is suing Capital One, claiming the company cheated customers out of $2 billion ...
You could save $200 per year thanks to the CFPB’s new cap on overdraft fees
As part of an ongoing effort to combat “junk fees” charged by banking institutions, the Consumer Financial Protection Bureau ...
JD Supra4h
CFPB re-establishes regulatory sandbox, no-action letter programs
In an effort to foster innovation in financial services, the CFPB is reinstituting its programs that allow companies to obtain regulatory safe ...
CFPB sues Capital One alleging it cheated customers out of over $2 billion in interest
Despite its relatively low interest rate, the CFPB alleged, the 360 Savings account was advertised as a high-interest savings ...
Capital One allegedly cheated customers out of $2 billion in interest, CFPB claims
The CFPB is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts.
JD Supra3h
CFPB sues real estate company and independent real estate brokerage group for alleged RESPA violations
Recently, the CFPB filed a complaint in the U.S. District Court for the Eastern District of Michigan against a real estate company, and an ...