The Consumer Financial Protection Bureau (“CFPB”) gave the fintech online payment sector a “wake up call” with an enforcement action against a Des Moines start up digital payment provider, Dwolla, Inc. (“Dwolla”).
The CFPB alleged that Dwolla misrepresented how it was protecting consumers’ data. Dwolla entered into a Consent Order to settle the CFPB charges
The Federal Financial Institutions Examination Counsel (FFIEC) recently issued supervisory guidance entitled “Social media: Consumer Compliance Risk Management Guidance.” Financial institutions are expected to use the Guidance in their efforts to ensure that their policies and procedures provide oversight and controls commensurate with the risks posed by their involvement in social media.
The Guidance was