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.
Cash App owner failed to protect customers from fraud, feds say
Cash App-owner Block must offer up to $120 million in refunds to consumers who federal regulators say were exposed to potential fraud.
CashApp Fined $175 Million for Not Stopping Fraud. Find Out if You're Eligible for a Payment
Today, Block, Inc., the parent company of Cash App, agreed to pay $175 million after the Consumer Financial Protection Bureau accused the company of several unfair customer practices and Customer Financial Protection Act violations.
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.
Cash App parent fined up to $175 million for 'woefully incomplete' response to fraud
The Consumer Financial Protection Bureau ordered Cash App (SQ) operator Block to pay a total of up to $175 million for failing to address fraud on the mobile payment network.
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.

Equifax, CFPB

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 ...
JD Supra4m
CFPB Files Suit Against Bank For Alleged Savings Account Interest Rate Freezing
On January 14, 2025, the CFPB announced ​that it had filed a complaint against a large national bank​​ for alleged ​violations of the ...
The National Law Review1h
CFPB Issues Order for Financial Data Exchange to Issue Standards under CFPB's Personal Financial Data Rights Rule
On January 8, 2025, the Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc.
American Banker20h
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 Supra2h
CFPB Reboots Policy Statements for No-Action Letters and Compliance Assistance Sandbox Approvals Days Before Administration Change
On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) revived its policy statements on No-Action Letters (NALs) and ...
CFPB Fines Equifax $15M Over Consumer Dispute Probes
Without admitting or denying the findings, Equifax has agreed to pay a $15 million civil monetary penalty that will be deposited into the CFPB's victims relief fund. A representative for Equifax ...
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 ...
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 Supra1h
CFPB Proposal to Broaden EFTA/Reg E Scope has Implications for Crypto, Gaming and Credit Cards
On Friday, January 10, the Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule that could significantly broaden the scope of ...