Cash App is a popular stock and bitcoin exchange platform. Last Thursday, August 18, the CFPB filed a petition with the United States District Court for the Northern District of California and requested a civil investigation.
CFPB claims that Block Inc. must provide all documents and data requested by her in August 2020 and August 2021. The investigation concerns the handling of complaints and disputes by Cash App.
However, Block expressed disappointment, stating that the CFPB decided to start the petition despite their regular communication and cooperation. A Block spokesperson told Bloomberg:
“We have been waiting several weeks for the CFPB to respond to our latest communication, which outlined the scope of our previous responses, proposed a schedule for the remainder of the document’s production, and asked further clarifying questions to the office.”
CFPB says Bloc is not cooperating enough
The CFPB said it contacted Block’s attorney several times with requests for documents and data. In addition, they also agreed to extend the deadlines. Despite this, the Block did not provide papers on the six specific questions raised by the FTF.
The Bureau added that the Block had also not filed a formal motion to modify or cancel the investigation requests. He also added that the full date for the completion of the 2020 investigation request is October 14, 2020. Similarly, the deadline for completion for 2021 is December 5, 2021.
The CFPB noted that Block Inc has not yet provided exact dates for the release of the relevant documents. The CFPB petition reads as follows:
“The Bureau cannot sit idly by as its investigation has stalled due to Blok’s slowness. Failure to meaningfully participate in meetings and conferences is an easy excuse for employees to take legal action.”