Law360, New York (March 16, 2016, 10:59 AM EDT) -- Paul Besozzi
On March 2, 2016, the Consumer Financial Protection Bureau assessed a $100,000 penalty against Dwolla Inc. in the CFPB's first data security enforcement action. The CFPB thus became the latest federal agency to take action against a company for inadequate protection of sensitive personal information gathered online. The Dwolla consent order addresses both advertising and representations made to the public, as well as internal protection and training relating to data security.
This CFPB action sends a clear message that a company's claims about its data security measures must be accurate, and that any company handling personal...
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