cryptocurrency

“Prevention” is under supervision by the Consumer Financial Protection Bureau

  • Cash App’s handling of customer complaints and disputes is the subject of investigation.
  • The 2021 compliance deadline was December 5, 2021.

roadblock a company., founded by Jack Dorsey, by the Consumer Financial Protection Bureau (CFPB). The Consumer Financial Protection Bureau alleges that Block did not cooperate with the agency’s investigative requests regarding the company’s Cash App financial services.

Cash App is a widely used marketplace for trading stocks and cryptocurrencies such as Bitcoin. Consumer Financial Protection BureauCFPB) requested a civil investigation from the US District Court for the Northern District of California in a petition filed on August 18.

A game of tug of war between the two

According to the Consumer Financial Protection Bureau, Block Inc. Hand over all requested information and records in August 2020 and August 2021. Cash App’s handling of customer complaints and disputes is subject to investigation.

However, Block expressed her dismay, saying that despite their frequent contact and cooperation, the CFPB nonetheless chose to petition.

A Block spokesperson stated:

“We’ve been waiting weeks for the CFPB to respond to our latest communication, which outlined the scope of our previous responses, outlined a proposed schedule for the remainder of material production, and asked additional clarifying questions to the office.”

The Citizens Protection Office said it repeatedly contacted Blok’s legal team to obtain information and files. In addition, they agreed to jointly extend the maturity dates. Despite this, the bloc did not respond to CFPB requests to document six individual inquiries.

It was also said that there would be a deadline of October 14, 2020, for full compliance with the investigation requirement made in 2020. The deadline for compliance in 2021 is also December 5, 2021.

The CFPB petition states:

“The office cannot stand idly by while its investigation is hampered by Blok’s slow walk. Not being meaningfully involved in the meeting and providing easy justification for staff to pursue the lawsuit.”

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#Prevention #supervision #Consumer #Financial #Protection #Bureau

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