CFPB Launches Mobile Banking Inquiry, Requests Information (June 17, 2014)
The Consumer Financial Protection Bureau (CFPB) is turning its attention to mobile financial services and is seeking information from the industry and consumers. In addition to considering possible consumer protections, the agency will look at how mobile financial services can assist unbanked and underbanked consumers.
“In a world where people can manage their money on the go, there is great potential to serve more consumers and allow them to take greater control of their finances,” said CFPB Director Richard Cordray. “But we need to make sure all consumers are protected whether they are opening their wallets or scanning the screen on their smartphones.”
The CFPB has issued a request for information, to determine, among other matters, whether mobile devices present financial services and money management options for underserved consumers and if they’re cheaper than traditional financial services; how mobile products and services can be used to help consumers manage their money in real time; what types of customer service or technical assistance are available; what kind of information companies are collecting on consumers; and whether data breaches are more common on mobile devices compared with traditional computers.
The RFI comment period ends on or around Sept. 9, 2014, according to the agency.
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