CFPB Asserts Jurisdiction Over E-Commerce Privacy Regulation

Another federal agency has entered the arena for regulating e-commerce companies regarding the protection of consumer data. The federal Consumer Financial Protection Bureau has closed its first and so far only privacy case with a consent agreement between itself and an online payments processor. The CFPB charged that Dwolla falsely claimed that its data security practices exceeded or surpassed industry security standards, and also misled consumers that its information was encrypted and stored securely.

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