Cash App's parent company will have to pay $175 million for poorly protecting its users from fraud and financial crimes on the payment platform, officials said. The Consumer Financial Protection Bureau ordered Block to refund up to $120 million to users harmed by fraud,

Cash App's parent company Block must pay up to $175 million after a CFPB crackdown on fraudulent transaction handling.

Two technology trade groups sued the U.S. Consumer Financial Protection Bureau on Thursday to block a new rule giving the regulator supervisory authority over payment apps and digital wallets from large non-banks.