Legal experts said they believe the CFPB’s action against online payment provider Dwolla – its first action related to data security – could lead to considerable ramifications going forward. The CFPB targeted Dwolla March 2 for deceiving consumers about its data security practices and the safety of its online payment system.

The bureau ordered the Des Moines, Iowa-based Dwolla, an agent of the $2.7 billion, Waterloo, Iowa-based Veridian Credit Union and the Houston-based Compass Bank, to pay a $100,000 penalty and fix its security practices.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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