Posted June 10, 2014
On June 11, 2014, the Consumer Financial Protection Bureau announced that it is launching an inquiry into mobile financial services, focusing on how the use of these technologies are impacting underserved consumers with limited access to the banking system. CFPB’s inquiry focuses on whether mobile devices open up options for underserved consumers, whether those options are cheaper than traditional financial services, whether it could affect the availability and location of bank branches, and what that means for consumers. The bureau is also seeking information on how mobile products and services can be a tool to help consumers manage their money in real time.
The bureau also asked what, if any, additional protections consumers may need when they lose their device or if their cell phone or internet service is cut off. It’s also looking at whether data breaches are more common on mobile devices. The comment period for the RFI will end on or about September 9.
Today, June 12, the Bureau will convene a public field hearing on mobile financial services in New Orleans. The field event will feature remarks by Director Richard Cordray, followed by a panel discussion with consumer groups and industry representatives.