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.
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 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.
Tech Trade Groups Sue to Block CFPB Rule Targeting Apple, Google
A pair of trade groups representing Meta Platforms Inc., Apple Inc., and Google parent Alphabet Inc. sued to block a Consumer Financial Protection Bureau rule that would bring those companies’ payment operations under the agency’s supervision.
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 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.
American Banker21h
Trump team eyes hiring freeze, regulatory rollbacks for CFPB
The incoming Trump administration's 'agency review team' has landed and is expected to name an acting director of the ...
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 Supra5h
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 ...
American Banker1d
CFPB releases guidance documents as blueprint for states
The Consumer Financial Protection Bureau released recommendations on how states can beef up enforcement after the Trump ...