June 11, 2014

CFPB seeking info on mobile financial services

June 12, 2014 – CFPB is requesting information about how consumers use mobile financial services to access products and services, manage their finances and achieve financial goals, and it wants to know how mobile technologies affect consumers who are unbanked and underserved.

The information collected by CFPB will be used to inform the bureau's consumer education and empowerment strategies related to these areas. Its notice and request for information is scheduled to be published in the Federal Register today, and members of the public will have 90 days to comment. NAFCU will be issuing a Regulatory Alert.

"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," CFPB Director Richard Cordray said in a statement. "But we need to make sure all consumers are protected whether they are opening their wallets or scanning the screen on their smartphones."

Cordray will be deliver remarks during a CFPB field hearing in New Orleans today on mobile financial services. The hearing will begin at 10 a.m. Central and will include testimony from consumer groups, industry representatives and members of the public.

The hearing will be streamed live online and is open to the public. Attendees must RSVP.

A survey report from the Federal Reserve this March showed more consumers are using mobile phones (33 percent) and smartphones (51 percent) to conduct financial transactions and keep up with their accounts.