With Destruction of the Consumer Financial Protection Bureau, Fraud Victim ‘Not Hopeful’ He’ll Be Refunded

On Jan. 16, the Consumer Financial Protection Bureau (CFPB) ordered the operator of digital payment provider Cash App to pay $175 million for failing to protect consumers from fraud, including $120 million in refunds and a $55 million penalty to the agency’s victims relief fund.

Four days later, Donald Trump was inaugurated as the nation’s 47th president. Within a week and a half, the new administration fired CFPB director Rohit Chopra, shuttered the agency’s headquarters and sent employees home… 

Meanwhile, Cash App’s victims have been left hanging, still waiting for their money.

Among them is Terry Ouverson, a 73-year-old retiree living with his wife in Spotsylvania, Virginia. 

They were the victims of fraudsters who scammed them out of $45,000 on Cash App and PayPal last year… 

But he’s not optimistic about getting the money owed him by CashApp, though he filed a complaint with the Consumer Financial Protection Bureau in October 2024. 

“I am not the least bit hopeful that Cash App will actually come through on this,” he told Capital & Main, explaining that the company ignored his repeated complaints until the agency got involved.