In an effort to foster innovation in financial services, the CFPB is reinstituting its programs that allow companies to obtain regulatory safe harbors through no-action letters and sandboxes to test new products and services.
The Federal Trade Commission will require web hosting company GoDaddy to implement a robust information security program to settle charges that the company failed to secure its website-hosting services against attacks that could harm its customers and visitors to the customers’ websites.
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.
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