The Consumer Financial Protection Bureau (CFPB) announced today that’s it’s ordering Block, the creator of Cash App and parent company of Square, to pay up to $120 million in “refunds and other redress to consumers” and a $55 million fine over how the company handled fraud on its payment platform.
Per the CFPB, Cash App’s Terms of Service at one point claimed that any bank linked to an account for transferring funds was responsible for addressing disputes around fraudulent charges, something that’s not generally true under the Electronic Fund
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