On March 2, 2016, the Consumer Financial Protection Bureau (CFPB) announced its first data security enforcement action in the form of a Consent Order with online payment platform Dwolla, Inc.  The five-year Consent Order is based on CFPB allegations that Dwolla engaged in deceptive acts and practices by misrepresenting to consumers that it had “reasonable and appropriate data security practices.”  Dwolla neither admitted nor denied that it engaged in data security misrepresentations.  The CFPB fined… Continue Reading