Jack Dorsey in turmoil, his Block Cash application is under investigation

Cash App is a popular platform for users to trade their stocks and bitcoins. Last Thursday, August 18, the CFPB filed a motion in the U.S. District Court for the Northern District of California and requested a civil investigative demand.

The CFPB alleges that Block Inc. must provide all documents and data it has requested in August 2020 and August 2021. The investigation relates to Cash App’s handling of complaints and disputes.

However, Block expressed disappointment that the CFPB decided to file a petition despite their 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, which outlined the scope of our previous responses, proposed a timeline for the remainder of the document production, and posed additional clarifying questions to the office.”

CFPB claims Block is not cooperating enough

The CFPB stated that it has contacted Block’s attorney on several occasions with requests for documents and data. In addition, they also agreed to extend the deadlines. Despite this, Block did not provide documents for six specific questions posed by the CFPB.

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The Bureau added that Block also did not file a formal motion to amend or rescind the survey requests. It also added that the full compliance date for the 2020 survey request was October 14, 2020. Similarly, the compliance deadline for 2021 was December 5, 2021.

The CFPB noted that Block Inc has not yet provided firm dates for the production of relevant documents. The CFPB’s petition reads as follows:

“The Bureau cannot sit idly by while its investigation is stalled by Block’s slowness. Failure to engage meaningfully in meetings and conferences is an easy justification for staff to pursue legal action.”

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