US Consumer Financial Protection Bureau (CFPB) Jack Dorsey’s Block Inc. He is filing a complaint against his company in federal court. The CFPB claimed that Block did not comply with its requests to investigate the Cash app payment instruments.
CFPB Requests Investigation For Jack Dorsey’s Company
Cash App allows users to share stocks and your bitcoins It is a popular platform used for transfers.
The CFPB filed a petition with the U.S. District Court for the Northern District of California and requested an investigation into the company.
CFPB, Jack Dorsey’s Block Inc. claims that his company has to provide all documents and data requested in August 2020 and August 2021.
The investigation appears to be related to Cash App’s handling of complaints and disputes.
However, Block expressed disappointment, stating that the CFPB decided to file a complaint despite regular communication and cooperation. A Block spokesperson told Bloomberg:
“We have been waiting for weeks for the CFPB to respond to our most recent communication, outlining the scope of our previous responses, laying out a recommended timeline for the remainder of the preparation of the documents, and raising additional clarifying questions for the bureau.”
CFPB Says Block Isn’t Cooperating Enough
The CFPB said it reached out to Block’s attorney several times for document and data requests. He also stated that they have agreed to extend the deadlines. Despite this, Block was unable to provide documentation for the six specific questions posed by the CFPB.
The bureau also noted that Block has not filed a formal petition to change or revoke the investigation requests.
In addition, he added that the full compliance date for the 2020 investigation request is 14 October 2020. Similarly, the 2021 compliance deadline was December 5, 2021.
The CFPB noted that Block Inc has not yet given the exact dates when it will submit the relevant documents. The CFPB’s petition states:
“The Bureau can’t just sit around while the investigation is thwarted by Block’s slow pace. Failure to meaningfully participate in discussions and meetings is an appropriate justification for staff to pursue the case.”
*Not investment advice.
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