- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2025-01-17T17:43:00
Block, the owner of Cash App and Square, will pay $175 million to settle allegations that its lax consumer protection practices put customers at high risk of fraud, the Consumer Financial Protection Bureau (CFPB) said Thursday.
Banks, credit unions, and other financial institutions are subject to oversight by federal agencies, to ensure they follow rules intended to prevent fraud and lead to fairness for customers, investors, and competitors.
Payment apps have surged in popularity and, until recently, received little oversight because agencies weren’t clear whether and how existing rules could be applied to these novel entities. Payment apps now process over 13 billion transactions annually.
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
2024-11-08T19:40:00Z By Aaron Nicodemus
Navy Federal Credit Union will pay a $15 million fine and return $80 million in “surprise” overdraft fees to its members to resolve an enforcement action from the Consumer Financial Protection Bureau.
2022-08-15T18:43:00Z By Jake Plenderleith, International Compliance Association
Just as fraud grew during the Covid-19 pandemic, so will it now flourish with prices at historic highs. The question is just how widespread this fraud surge will prove to be and what can be done to help prevent it.
2022-04-07T16:26:00Z By Kyle Brasseur
Approximately 8.2 million U.S. customers of Cash App Investing have been notified of a data breach carried out by a former employee of the mobile payment service provider.
2025-05-20T12:30:00Z By Oscar Gonzalez
The U.S. Federal Trade Commission (FTC) took action against a pair of student loan debt relief companies for allegedly deceiving borrowers. The move came despite the Trump administration’s broader efforts to roll back enforcement actions against businesses since taking office.
2025-05-16T19:24:00Z By Oscar Gonzalez
After dismissing its lawsuit against the crypto exchange Coinbase in March, a second investigation into the exchange by the Securities and Exchange Commission has surfaced, according to a report from the New York Times. This comes as a bit of a surprise after the Trump administration has been scaling down ...
2025-05-16T14:16:00Z By Aaron Nicodemus
As the Consumer Financial Protection Bureau steps back from its core mission of protecting American consumers, states like New York and Pennsylvania are stepping up to fill the regulatory void.
Site powered by Webvision Cloud