The CFPB’s first data security-related action should put other companies on alert, legal experts say.
Dwolla, an agent of Veridian CU, is fined $100,000 and ordered to correct deceitful data security practices.
Start-ups in the digital currency industry might be able to apply for less restrictive license.
Service replaces interchange fees with direct credit to participating merchants.
Court documents from May revealed the Department of Homeland Security seized nearly $3 million from a business account at the $2.4 billion Veridian Credit Union in Waterloo, Iowa, over what the DHS said was an unlicensed money transmitting business operated by the business member’s client.
Iowa-based payments innovator included in Bitcoin probe, Bloomberg says, while MIT fetes founder.
Homeland Security alleges Veridian Credit Union account holder Mt.Gox is unlicensed money transmitter.
Iowa credit union adopts new payments platform, says 650 already enrolled.
With the number of members who have opted not to conduct transactions with paper checks continuing to grow, St. Cloud Federal Credit Union knew it was time to make a change.
A mobile triple play describes a financial institution’s offering when it provides customers access to mobile banking in a total of three ways: mobile browser, text and mobile application.