Dwalla fined $100k, Ripple fined $700k - These are not giant sums but the recipients are not giant companies either. Compare that to JPMC which has close to $20bn stashed away to cover legal costs.
Given this recent history, the non-bank, alternative lenders can sound remarkably blasé. OnDeck Capital on Wednesday breezily told a conference that the Consumer Financial Protection Bureau was looking at the sector but that this was a “good thing” and its mandate really only extended to data collection. This on the same day the CFPB slapped Dwolla, a fintech money-transfer service, with a $100,000 fine for failing to safeguard customers’ data.