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 and digital wallets like banks. In a lawsuit filed in federal court in Washington,
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 fines Block $175m over Cash App's lax fraud controls
Per the CFPB, Cash App's Terms of Service at one point claimed that any bank linked to an account for transferring funds was responsible for addressing disputes around fraudulent charges, something that's not generally true under the Electronic Fund Transfer Act.
CFPB Orders Block to Pay $175 Million Related to Cash App Security >SQ
Dow Jones Newswires is a market-moving financial and business news source, used by wealth managers, institutional investors and fintech platforms around the world to identify trading and investing opportunities, strengthen advisor-client relationships and build investor experiences. Learn More. Back To Top
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.
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.
Cash App owner Block to pay $175M over fraud caused by lax consumer protections
Block, the owner of Cash App and Square, will pay $175 million to settle allegations that its lax consumer protection practices put customers at high risk of fraud, the Consumer Financial Protection Bureau said.
Biden's CFPB Goes Down Swinging In Blitz Of Rules. But How Many Will Survive Trump?
Key Takeaways In the final days of Joe Biden's administration, the CFPB issued a flurry of new rules and regulations, ...
The American Spectator41m
Federal Agency Gone Wild: Why the CFPB Needs Immediate Reform — and a New Chair
With President Joe Biden’s term nearly over, federal agencies should be winding down activities for the year and preparing ...
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 ...
CFPB fines Equifax $15 million over errors on credit reports
The Consumer Financial Protection Bureau fined Equifax $15 million over credit reporting errors. The CFPB alleged the credit ...
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 ...
JD Supra5h
CFPB Reboots No-Action Letter and Sandbox Policies: A New Approach to Financial Innovation…Not
On January 3, 2025, the Consumer Financial Protection Bureau (CFPB) announced a comprehensive reboot of its No-Action Letter (NAL) 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 ...
American Banker8h
Big Tech companies challenge CFPB's attempt to police them
Organizations that represent Amazon, Apple, Meta, PayPal, OpenAI and many other large technology companies accuse the consumer watchdog, which has given itself authority over companies that facilitate ...
CFPB fines Equifax $15 million for errors on credit reports
The Consumer Financial Protection Bureau fined Equifax $15 million for credit reporting errors. The CFPB alleged the credit ...