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US consumer finance watchdog orders payments firm Block to pay $175 million
The Consumer Financial Protection Bureau (CFPB) on Thursday ordered payments firm Block to pay a penalty tied to the operations of its peer-to-peer payments network CashApp. The order includes a redress to consumers of up to $120 million and a penalty of $55 million into the CFPB’s victims relief fund.
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.
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.
US consumer finance watchdog fines payments firm Block over Cash App operations
The Consumer Financial Protection Bureau (CFPB) 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,
NerdWallet
2d
What Is the Consumer Financial Protection Bureau?
The Consumer Financial Protection Bureau, or CFPB, is a government agency that oversees the consumer finance industry, ...
1d
Consumer Spending Remains Strong, Says Wells Fargo Finance Chief
The overall health of the American consumer is generally strong, said Wells Fargo Chief Financial Officer Mike Santomassimo ...
2d
on MSN
Consumer bureau sues Capital One for ‘cheating’ customers on savings account interest
The government’s consumer watchdog sued Capital One on Tuesday for “cheating” customers out of billions in interest payments.
3h
Consumer fights back and wins dismissal of wrongful debt lawsuit
Debt collectors sue millions of Americans every year. Typically, the consumer does not respond and the debt collector wins.
6d
CFPB Seeks to Strengthen Consumer Safeguards on Digital Payments
The top US consumer financial regulator is seeking to strengthen protections for customers against excessive surveillance and ...
9d
on MSN
Experian credit bureau sued for allegedly failing to properly probe consumer complaints
Experian was sued by the Consumer Financial Protection Bureau, which accused the Costa Mesa-based credit bureau of failing to ...
2d
Why Private Equity Firms Should Adopt A Consumer Marketing Perspective
While PE excels at financial and operational restructuring, firms sometimes overlook the strategic imperatives required to ...
ConsumerAffairs
9d
Experian sued for allegedly failing to investigate consumer disputes
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Experian, one of the nation's largest credit ...
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