CFPB: Block “blocked” the Cash application probe

0

A To block spokesperson told PYMNTS on Friday August 19 that the company was “disappointed” that the Consumer Financial Protection Bureau (CFPB) has filed a motion with a federal judge to compel him to comply with the bureau’s investigation into Block’s cash app tool.

The CFPB said in a court filing that the company has yet to deliver documents requested by the bureau, Bloomberg reported on Friday. The CFPB is investigating Cash App’s complaint and dispute management practices.

“The office cannot sit while its investigation is stalled by Block’s slow march,” the CFPB petition said, according to the report.

Block did not respond to CFPB requests for documents regarding six specific issues, Bloomberg reported. The CFPB has met with Block’s attorneys several times to review requests for documents and data and has agreed to both change what it seeks and extend timelines.

Block’s spokesperson told PYMNTS that the company has had “regular communication with the office” and is cooperating throughout the process.

“Since receiving the [civil investigative demands (CIDs)], we responded to their complex, broad and evolving set of requests, and we continually produced tailored information,” the spokesperson said. “We have been waiting weeks for the CFPB to respond to our most recent communication, which outlined the scope of our previous responses, set out a proposed timeline for the remainder of the document production, and posed additional clarifying questions to the office.”

PYMNTS reported in March that Block, which was co-founded by Twitter founder Jack Dorsey, is being investigated by the CFPB and a number of state attorneys general, looking into Cash App‘s handling of complaints. and customer disputes.

Read more: CFPB, State Attorneys General Probe Block Over Cash App

Cash App is primarily used to transfer money to friends and family, although users can also buy stocks or bitcoins directly from their phone.

——————————

NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS HAVING HIGH DEMAND FOR SUPER APPS

About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.

Share.

Comments are closed.