The CFPB ordered Block to update its business practices to comply with the law, pay between $75 and $120 million to users ...

Under the enforcement action, the CFPB has also ordered Block to set up a 24-hour, live-person customer service to investigate unauthorized transactions and provide timely refunds, where appropriate.

Cash App flouted its responsibilities and even burdened local banks with problems that the company caused.” The sum includes up to $120 million to compensate consumers and a fine of $55 million ...

If you lost money to scammers or had your account frozen on a popular peer-to-peer payment platform, you might be due for a refund.

The company must also pay a fine of $55 million into the CFPB's victims relief fund. "Cash App created the conditions for fraud to proliferate on its popular payment platform," CFPB Director Rohit ...

By Rob Copeland Rob Copeland, a finance reporter, has covered the Biden administration’s last-minute flurry of fines and lawsuits against financial services companies. Jan. 16, 2025 Cash App ...

It also has to pay a $55 million fine to the CFPB's victims relief fund. The agency alleged that Block put Cash App users at risk with weak security protocols. The company, led by Twitter founder ...

However, the Electronic Fund Transfer Act requires that peer-to-peer platforms like Cash App investigate disputes and cannot "use fine print to escape these legal requirements," according to the ...

Story continues after photo gallery. Cash App ordered to change the way it handles customer service In addition to paying millions in fines, Block Inc. will have to change the way it handles its ...

the P2P network operated by Early Warning Systems Inc. “[The CFPB’s] fine of Cash App for inadequate fraud prevention is of a piece with its charging BofA, Chase, and Wells Fargo with inadequate fraud ...

The agency also ordered Block to pay an additional $55 million fine which will be put into its victims relief fund. “Cash App created the conditions for fraud to proliferate on its popular ...

Here's what Cash App users in Indiana need to know to ensure they're compensated by the mobile banking platform after the latest settlement.