June 12, 2014

CFPB wants mobile banking input by Sept. 10

June 13, 2014 – CFPB is accepting comments until Sept. 10 on its request for information on how consumers use mobile financial services to manage their finances and achieve goals, as well as how such technology can reach consumers who are underbanked and underserved.

CFPB, in a notice published yesterday in the Federal Register, is requesting information on a wide range of issues, including the prevalence of mobile banking in different socioeconomic levels, whether mobile banking reduces costs for certain types of accounts and whether the government can help provide mobile banking opportunities to the underserved.

The information collected by CFPB will be used to inform the bureau's consumer education and empowerment strategies in these areas. NAFCU is preparing a Regulatory Alert seeking members' input.

CFPB Director Richard Cordray spoke at an agency field hearing in New Orleans Thursday on mobile financial services. The hearing included testimony from consumer groups, industry representatives and members of the public, all of who largely focused on how mobile banking can increase safety and convenience for consumers.

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.