The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Jack Dorsey’s Block Inc. in federal court. According to the CFPB, Block has refused to comply with its investigative demands about its Cash App payment features.
Cash App is a popular site where users may trade equities and Bitcoin. The CFPB filed a petition with the US District Court for the Northern District of California on Thursday, August 18, requesting a civil investigative demand.
According to the CFPB, Block Inc. must deliver all papers and data that they requested in August 2020 and August 2021. The inquiry is on Cash App’s handling of complaints and disputes.
Block, on the other hand, has expressed dissatisfaction, claiming that the CFPB decided to file a petition despite their continuous communication and cooperation. According to a representative for Block:
“We have been waiting weeks for the CFPB to respond to our most recent communication, which outlined the scope of our prior responses, set-forth a proposed timeline for the remainder of the production of materials, and posed additional clarifying questions for the bureau.”
The CFPB stated that it made repeated requests to Block’s counsel for documents and data. Furthermore, they agreed to extend the deadlines. Despite this, the Block failed to furnish documentation in response to the CFPB’s six specific queries.
Block also failed to file a formal petition to alter or set aside the investigative demands, according to the Bureau. It went on to say that the deadline for full compliance with the 2020 investigative demand was October 14, 2020. Similarly, the compliance deadline for 2021 was December 5, 2021.
The CFPB stated that Block Inc has not yet established precise dates for producing necessary records. According to the CFPB’s petition:
“The Bureau cannot sit back while its investigation is stymied by Block’s slow-walking. Not engaging meaningfully in the meet and confers is an easy justification for the staff to pursue the lawsuit”.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Jack Dorsey’s Block Cash App Comes Under Probe
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Jack Dorsey’s Block Inc. in federal court. According to the CFPB, Block has refused to comply with its investigative demands about its Cash App payment features.
Cash App is a popular site where users may trade equities and Bitcoin. The CFPB filed a petition with the US District Court for the Northern District of California on Thursday, August 18, requesting a civil investigative demand.
According to the CFPB, Block Inc. must deliver all papers and data that they requested in August 2020 and August 2021. The inquiry is on Cash App’s handling of complaints and disputes.
Block, on the other hand, has expressed dissatisfaction, claiming that the CFPB decided to file a petition despite their continuous communication and cooperation. According to a representative for Block:
“We have been waiting weeks for the CFPB to respond to our most recent communication, which outlined the scope of our prior responses, set-forth a proposed timeline for the remainder of the production of materials, and posed additional clarifying questions for the bureau.”
The CFPB stated that it made repeated requests to Block’s counsel for documents and data. Furthermore, they agreed to extend the deadlines. Despite this, the Block failed to furnish documentation in response to the CFPB’s six specific queries.
Block also failed to file a formal petition to alter or set aside the investigative demands, according to the Bureau. It went on to say that the deadline for full compliance with the 2020 investigative demand was October 14, 2020. Similarly, the compliance deadline for 2021 was December 5, 2021.
The CFPB stated that Block Inc has not yet established precise dates for producing necessary records. According to the CFPB’s petition:
“The Bureau cannot sit back while its investigation is stymied by Block’s slow-walking. Not engaging meaningfully in the meet and confers is an easy justification for the staff to pursue the lawsuit”.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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