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Sept. 11, 2014 – NAFCU Regulatory Affairs Counsel PJ Hoffman wrote about how credit unions have been working to accommodate "mobile only" members.

CFPB was looking for input on how financial institutions could help underbanked and economically vulnerable consumers through mobile financial services. Hoffman responded: "While the products offered by credit unions vary based on their particular fields of memberships, NAFCU's member credit unions strive to develop products and platforms that will safely and soundly improve their consumers' financial livelihood. One example of this is offering remote deposit capture (RDC) for those members that live in rural areas or that travel regularly."

Hoffman also mentioned the risk of fraud and other security concerns in relation to offering mobile financial services. He said "outdated" automated clearinghouse rules and time limits for retrieving fraudulently transferred funds via ACH are also a concern for credit unions.

Looking toward the future, Hoffman noted that "technology and digital communication platforms are only going to continue to expand," and urged CFPB to provide a "flexible framework" for credit unions to use developing technology.