On October 18, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) entered into the long simmering debate over consumer-authorized data sharing. This debate pits mainstream financial institutions, which are typically reticent to share customer data with third parties, against data aggregators and other fintechs. Those newer companies provide services directly to consumers—or to enhance the … Continue Reading
By Paul Bond, Nicholas Smyth and Haley Torrey on Posted in Uncategorized
The Consumer Financial Protection Bureau (“CFPB”) has announced its first data security enforcement action. On Wednesday (March 2), the CFPB released a consent order against Dwolla, an online payment platform company, alleging it failed to maintain adequate data security practices despite representations made on the company website and in communications with consumers that the company … Continue Reading
