Today, the Consumer Financial Protection Bureau (CFPB) ordered Block, the operator of the peer-to-peer payments app Cash App, to refund and pay other redress to consumers up to $120 million and pay a penalty of $55 million into the CFPB’s victims relief fund. Block employed weak security protocols for Cash App and put its users at risk. While Block is required by law to investigate and resolve disputes about unauthorized transactions, the company’s investigations were woefully incomplete.
More than half (52%) of debt collection companies have experienced an increased or significantly increased volume of accounts placed or acquired over the last 12 months. Sixty-two percent of companies expected to be in a better financial position next year, according to a new report published by TransUnion (NYSE: TRU).
Governor Kathy Hochul today announced new proposals to protect New York consumers as part of her 2025 State of the State. These include proposals to protect consumers shopping online, crack down on exploitative practices and regulate emerging industries.
The NJ Data Privacy Act takes effect tomorrow.
The New Jersey Data Privacy Act is set to take effect tomorrow, January 15. The NJDPA was signed into law by Gov. Phil Murphy (D) on January 16, 2024.
The NJDPA is similar to other state privacy laws, but with some unique caveats.
The Consumer Financial Protection Bureau (CFPB) has proposed new regulations aimed at curbing unfair contractual terms in agreements for consumer financial products and services. The proposal seeks to prohibit certain provisions that waive essential consumer legal rights, limit free expression, and grant financial companies the power to unilaterally amend contract terms. This initiative is part of the CFPB’s broader effort to ensure that consumers are not unfairly burdened by coercive terms hidden in the fine print of contracts.
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