Capital One denied the CFPB's claims, however, and added that they will defend themselves in court.

Capital One denied the CFPB's claims, however, and added that they will defend themselves in court. Get the latest financial, economic and market news, instantly.

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.

“Cash App created the conditions for fraud to proliferate on its popular payment platform,” said CFPB Director Rohit Chopra. “When things went wrong, Cash App flouted its responsibilities ...

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 ...

"When things went wrong, Cash App flouted its responsibilities and even burdened local banks with problems that the company caused," said CFPB Director Rohit Chopra. In response, Block said the ...

Cash App, a popular platform used to transfer money, faces paying out up to $120 million in refunds and other redress to harmed customers, plus $55 million in penalties, relating to its troubling ...

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The CFPB alleged that Block's (NYSE:SQ) Cash App had closed cases of reported fraud without opening a legally required investigation. Block allegedly directed users who incurred financial losses ...

NetChoice and TechNet said Congress did not give the CFPB free rein to aggressively, arbitrarily and capriciously police large non-banks offering consumer financial services through such products ...