On January 16, 2025, the Bureau issued an order against Block, Inc. (Block), a nonbank headquartered in Oakland, California which operates Cash App, a mobile payments application through which consumers can send and receive money through peer-to-peer transfers. ... or request information related to the docket or the function of the CFPB’s ...

Jan 16, 2025 · – Today, the Consumer Financial Protection Bureau (CFPB) ordered Block, the operator of the peer-to-peer payments app Cash App, to refund and pay other redress to consumers up to $120 million and pay a penalty of $55 million into the CFPB’s victims relief fund. Block employed weak security protocols for Cash App and put its users at risk.

File No. 2025-CFPB-0001 STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER In the matter of: BLOCK, INC. The Consumer Financial Protection Bureau (Bureau) intends to initiate an administrative proceeding against Block, Inc. (Respondent), under 12 U.S.C. §§ 5563 and 5565, with respect to certain deposit and peer-to-peer money transfer

Jan 16, 2025 · The CFPB said Block must pay a minimum amount of $75 million in refunds and other redress to harmed consumers. The CFPB will enforce the order’s redress requirements to ensure affected Cash...

Jan 16, 2025 · The CFPB ordered Block to update its business practices to comply with the law, pay between $75 and $120 million to users whose unauthorized transfers weren't investigated and send a $55 million ...

Jan 16, 2025 · The Consumer Financial Protection Bureau ordered Cash App owner Block to pay $175 million to address security failures. Block must refund consumers up to $120 million and pay a penalty of $55...

Jan 16, 2025 · "The CFPB has made a few last-minute moves to aid consumers ahead of the incoming Trump administration including action against Zelle and the current settlement with Block," said Michael Ashley ...

Jan 16, 2025 · The Consumer Financial Protection Bureau (CFPB) announced today that's it's ordering Block, the creator of Cash App and parent company of Square, to pay up to $120 million in "refunds and other...

Jan 16, 2025 · Block allegedly directed consumers that suffered financial losses to their banks for redress, but when the banks went back to the company for compensation, it would deny the requests, the CFPB said. The company also employed other tactics to block consumers’ efforts, like “tricking” them with its terms and undertaking “shoddy ...

3 days ago · The CFPB has also ordered Block to set up 24-hour, live-person customer service and change its dispute investigation and refund practices to ensure they comply with federal laws going forward. Separately, on January 15 of this year, 48 state financial regulators ordered Block to pay an $80 million fine and undertake corrective action for ...