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CFPB, Block and Cash App

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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.

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.

American Banker4h

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 ...

cryptopolitan17h

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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