News & Analysis as of

Online Payments

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

Privacy Tip #115 – Cyber Monday Safe Online Shopping

It is estimated that we will spend $4 billion online this year, including on Cyber Monday, coming up in just a few days. With the increase in online shopping, particularly over the holidays, it is prime time for scheming...more

Tesco Bank Cyber-Robbery—Some Implications for U.S. Banks—and their Depositors

UK-based Tesco Bank froze online transactions on Monday after discovering that cyber-criminals stole money from 20,000 different customer accounts. The exact method used by the perpetrators is still under review, but...more

Educational Institutions Targeted in Fraudulent Payment Requests

Educational institutions should be aware of fraudulent request for payments from vendors. The FBI Boston Division identified three incidents over the past month where perpetrators submitted fraudulent transfer authorization...more

USPTO Extends Deadline for Migration to Financial Manager

As we reported earlier this week, the U.S. Patent and Trademark Office originally set a June 30, 2016 deadline for customers to migrate their deposit accounts and electronic funds transfer accounts (EFTs) to Financial...more

Deadline Approaching to Migrate USPTO Deposit Accounts to Financial Manager

Last week, the U.S. Patent and Trademark Office sent an e-mail alert reminding practitioners and applicants that the deadline for migrating their deposit accounts and electronic funds transfer accounts (EFTs) is June 30,...more

Weekly Web Wrap-Up

Welcome to Sheppard Mullin’s Weekly Web Wrap-Up, a quick list of the past week’s top news in the social media, gaming, and virtual goods and currencies industries curated by Social Media & Games Team. Here are some of the...more

Reality and Trend of China’s Regulation on Payment Service by Non-Financial Institutions 2016

by Davis Wright Tremaine LLP on

Understanding the payments regulatory environment in China—both the existing regime and pending developments—is essential for companies engaged in cross-border payments activities (particularly non-financial institutions). At...more

The CFPB Takes First Enforcement Action Related to Data Security Practices

by 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

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

by 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

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

by Morrison & Foerster LLP on

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

Recent Data Security Enforcement Action Marks Ever Expanding CFPB Authority

by Stinson Leonard Street 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

Recent CFPB Enforcement Actions Focus on Data Security and Discriminatory Lending

by 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

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

by 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

FTC Examines Process by which Companies Assess Compliance with PCI DSS

by 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

CFPB Jumps Into Cyber Enforcement Pool

by Orrick - Trust Anchor on

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

CFPB Expands UDAAP Jurisdiction in First Foray into Data Security Enforcement

by 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

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

by 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

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

by 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

CFPB brings its first data security enforcement action

by 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

CFPB Initiates Its First Data Security Enforcement Action

by 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

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

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

Corporate E-Note - February 2016

by Burr & Forman on

With the start of the 2016 tax reporting season, taxpayers making certain payments to a person or entity with a Tennessee address may find that Tennessee has added to the number of information returns they need to...more

SEC Busts Overseas Social Media Fraud

A settled SEC enforcement action describes an alleged interesting social media fraud. Two defendants that reside in India were alleged to have been behind the fraud. According to the SEC the scheme was an online...more

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Cybersecurity

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