US consumer finance watchdog fines payments firm Block over Cash App operations
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The Consumer Financial Protection Bureau (CFPB) has fined payments firm Block $175 million for fraud and weak security protocols on its Cash App. The CFPB stated that Block failed to provide effective customer service and allowed fraud to proliferate. Block disagrees with the CFPB's claims but chose to settle to focus on its customers. This action is one of the last regulatory moves under the Biden administration, as the company also agreed to pay $80 million to state regulators for insufficient policies.
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