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Complete Story
02/23/2024
CFPB may take legal action against Block
Payments Dive
Dive Brief:
- The Consumer Financial Protection Bureau has informed digital payments company Block that the bureau may take “legal action” against the company related to a probe of the company’s peer-to-peer payment unit Cash App.
- San Francisco-based Block learned in December that the bureau’s office of enforcement is considering recommending the CFPB take legal action against the company, Block disclosed in its annual filing with the Securities and Exchange Commission on Thursday.
- That disclosure is tied to civil investigative demands from the CFPB and subpoenas from attorneys general in multiple states, the filing said. In a prior annual filing, Block said it received CIDs from those regulators in 2021, demanding information related to Cash App’s handling of customer complaints and disputes.
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