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September 12, 2014

CFPB advisory board talks technology issues

CFPB's Consumer Advisory Board held an open meeting Thursday focused on technology and how it affects consumers' access to financial services.

CAB was established to advise CFPB in its role as the nation's chief consumer financial protection regulator; this role was transferred to the bureau from the Federal Reserve Board under the Dodd-Frank Act.

Cordray
Richard Cordray

During Thursday's meeting, CFPB Director Richard Cordray made special note of the bureau's request for information on issues related to mobile banking and financial management services. (Cordray addressed NAFCU's Congressional Caucus this week.)

The bureau is looking for information about emerging technologies and the opportunities and challenges consumers face in dealing with them.

NAFCU, in its response to that information request, said credit unions are working steadily to accommodate the needs of "mobile only" consumers. PJ Hoffman, NAFCU's regulatory affairs counsel, said the products credit unions offer vary based on their fields of membership but said NAFCU members "strive to develop products and platforms that will safely and soundly improve their consumers' financial livelihood.

This week, MasterCard USA announced its alignment with Apple Pay. NAFCU Congressional Caucus participants were briefed on the product during a luncheon address Wednesday.