The Consumer Financial Protection Bureau Inquires in Mobile Financial Services

On June 11, 2014 the U.S. Consumer Financial Protection Bureau (CFPB) launched an inquiry into banking over mobile phones, looking for comments on both the risks and the opportunities of the rapidly spreading technology.

More banks and financial institutions are now offering online and mobile banking as part of their services, allowing more consumers to manage their finances remotely. The CFPB is exploring how mobile technologies can be used to make banking easier for people with no bank accounts and those with limited access to financial institutions.

The CFPB wants to find out whether increased use of mobile devices could affect the availability and location of bank branches and hurt some consumers. The CFPB is interested in finding out how mobile products and services can assist consumers in managing their finances in real time as they making spending decisions. The bureau also wants to know what additional customer services as well as data and privacy protections there are for mobile users, especially those from low-income communities.

The CFPB will be taking comments and information on mobile financial services from the public until Sept. 9.

Lily Sayers has over 10 years of experience in banking and operations management. For more information please contact Lily at lilysayers@chartwellcompliance.com.

 


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