News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Online Payments

Cadwalader, Wickersham & Taft LLP

CFPB Takes on Big Tech in Larger Participant Rulemaking on Digital Wallets and Payment Apps

On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) announced a new proposed rule wherein providers of digital wallets and payment apps would be defined as “Larger Participants” and would become subject to...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report Identifies Issues with Increased Servicemember Use of Digital Payment Apps

On the June 20, the CFPB released its Office of Servicemember “(“OSA”) Affairs Annual Report. This year’s report focuses on the challenges faced by servicemembers and their families when using digital payment apps. As further...more

Sheppard Mullin Richter & Hampton LLP

CFPB Sues Payment Platform as the Crack Down on Dark Patterns Continues

On October 18, 2022, the CFPB sued a software company that manages online payment platforms claiming that it utilized unlawful enrollment practices to cause unknowing consumers to automatically enroll in annual...more

Bradley Arant Boult Cummings LLP

Parallel Universe or Coincidence: The CFPB’s New Data Consumer Protection Principles’ Relationship to GDPR

On October 18, 2017, the Consumer Financial Protection Bureau (CFPB) outlined nine non-binding Consumer Protection Principles (the Principles) for the access and sharing of consumer information between third-party companies....more

Carlton Fields

The CFPB Takes First Enforcement Action Related to Data Security Practices

Carlton Fields on

The Consumer Financial Protection Bureau (CFPB ) has taken its first UDAAP action against a consumer financial service provider related to data security practices. Since its launch in December 2009, Dwolla, Inc. ("Dwolla"),...more

Ballard Spahr LLP

The CFPB’s report on online payday loan payments: setting the stage for limits on collection practices?

Ballard Spahr LLP on

The CFPB has issued a new report entitled “Online Payday Loan Payments,” summarizing data on returns of ACH payments made by bank customers to repay certain online payday loans. The latest report is the third report issued...more

Morrison & Foerster LLP

CFPB Report on Online Short-Term Lending Finds Borrowers Face Hidden Costs

On Wednesday, April 20, 2016, the Consumer Financial Protection Bureau (“CFPB,” or “Bureau”) released a report, entitled “Online Payday Loan Payments” (“Report”), which examines short-term, small-dollar loans—or payday...more

Stinson LLP

Recent Data Security Enforcement Action Marks Ever Expanding CFPB Authority

Stinson LLP on

On March 2, 2016, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against online payment system company Dwolla, Inc. for allegedly deceiving consumers about its data security practices. This...more

Baker Donelson

Recent CFPB Enforcement Actions Focus on Data Security and Discriminatory Lending

Baker Donelson on

In the past two months, consent orders were reached in two high profile enforcement actions. In February 2016, a consent order came out between the Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ) and...more

K&L Gates LLP

A New Cyber Regulator on the Beat: The CFPB Issues its First Cybersecurity Order and Fine

K&L Gates LLP on

On March 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) instituted its first data security enforcement action, in the form of a consent order against online payment platform Dwolla, Inc....more

Ballard Spahr LLP

FTC Examines Process by which Companies Assess Compliance with PCI DSS

Ballard Spahr LLP on

The Federal Trade Commission (FTC) has issued orders to obtain information about the process by which businesses audit their compliance with the Payment Card Industry Data Security Standards (PCI DSS) and the role of such...more

Orrick, Herrington & Sutcliffe LLP

CFPB Jumps Into Cyber Enforcement Pool

In a much anticipated move, on March 2, 2016, the Consumer Financial Protection Bureau (CFPB) entered the cybersecurity foray with its first enforcement action against Dwolla, Inc., an online payment processing start-up. ...more

Holland & Knight LLP

CFPB Expands UDAAP Jurisdiction in First Foray into Data Security Enforcement

Holland & Knight LLP on

The Consumer Financial Protection Bureau (CFPB) announced that it has entered into a consent order with online payment platform Dwolla Inc., alleging that Dwolla made false representations to consumers relating to its data...more

BakerHostetler

The CFPB Joins Privacy and Security Enforcement Arena With Action Against Dwolla

BakerHostetler on

The Consumer Financial Protection Bureau (CFPB) announced on March 2, 2016, that it had entered into a consent order with online payment platform Dwolla to resolve the CFPB’s claims regarding statements made by Dwolla about...more

Baker Donelson

CFPB Issues Fines and Penalties Against Financial Institutions for Misleading Marketing Materials

Baker Donelson on

The Consumer Financial Protection Bureau (CFPB) recently issued a first of its kind Consent Order against an online payment platform for misrepresenting the security measures used to protect consumer's data. Pursuant to the...more

Ballard Spahr LLP

CFPB brings its first data security enforcement action

Ballard Spahr LLP on

Last August, we blogged about a Third Circuit decision that held the FTC can regulate cybersecurity policies and procedures as “unfair” acts or practices under Section 5 of the FTC Act. In our blog post, we commented that...more

Ballard Spahr LLP

CFPB Initiates Its First Data Security Enforcement Action

Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) has announced its first data security enforcement action. Since the 1990s, the Federal Trade Commission (FTC) has primarily taken on the role as the de facto federal regulator...more

Robinson+Cole Data Privacy + Security Insider

First data security enforcement fine levied by CFPB against Dwolla Inc. for $100,000

Wading into the foray of enforcement of data security practices, the Consumer Financial Protection Bureau (CFPB) yesterday hit Dwolla Inc., an online payment processor with a $100,000 fine for a myriad of violations of the...more

Stinson - Corporate & Securities Law Blog

CFPB Announces First Ever Data Security Enforcement Action

On March 2, 2016, the Consumer Financial Protection Bureau (CFPB) announced its first data security related enforcement action against online payment systems company Dwolla, Inc. ...more

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