Sign Up on MEXC
The Consumer Financial Protection Bureau (CFPB) is taking Jack Dorsey’s Block Inc. to a federal court. The CFPB has alleged that Block has failed to comply with its investigative demands relating to its Cash app payment tools.
Cash App is a popular platform for users to transact their stocks and Bitcoin. Last Thursday, August 18, the CFPB filed a petition with the US District Court for the Northern District of California and demanded a civil investigative demand.
The CFPB alleges that Block Inc. has to provide all documents and data that they requested back in August 2020 and August 2021. The investigation relates to Cash App’s handling of complaints and disputes.
However, Block has expressed disappointment stating that the CFPB decided to file s petition despite their regular communication and cooperation. A Block spokesperson told Bloomberg:
“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”.
CFPB Says Block Not Cooperating Enough
The CFPB said that it reached out to Block’s counsel several times for document and data requests. Besides, they also agreed on having extended deadlines. Despite this, the Block failed to provide documents for six specific questions raised by CFPB.
The Bureau further called that Block also failed to file a formal petition either to modify or set aside the investigative demands. It further added that the date for full compliance for the 2020 investigative demand was Oct. 14, 2020. Similarly, 2021’s compliance deadline was Dec. 5, 2021.
CFPB noted that Block Inc hasn’t yet provided firm dates by which it will produce relevant documents. The CFPB’s petition reads:
“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”.
- SOL Rises as Nasdaq-listed Forward Completes $1.65B Raise For Solana Treasury
- Breaking: U.S. CPI Inflation Rises To 2.9% YoY, Bitcoin Reacts
- Over $4 Billion in Bitcoin and Ethereum Options Expiring After US CPI
- South Korea Ends 2018 Ban on VC Investments in Crypto Firms
- Wall Street’s CPI Forecast: Expert Examines if Bitcoin Price Can Sustain Triangle Breakout?
- Pi Network Price Wyckoff Theory Signals a Surge as One Whale Keeps Buying
- ETH Price Prediction As Bitmine and SharpLink Continue ETH Buying Spree- Analyst Predicts $7K Next
- AVAX Price Prediction as Avalanche $1B Treasury Gains Momentum – Is $55 in Sight?
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
