Wednesday, June 18, 2014
“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,” said CFPB Director Richard Cordray. “But we need to make sure all consumers are protected whether thpey are opening their wallets or scanning the screen on their smartphones.”
Through a Request for Information inquiry (RFI) from the financial services industry, the CFPB is focusing on mobile banking and mobile financial management services. The CFPB’s specific areas of interest include how the financially underserved access these services; how they can manage their money; how they receive customer service; and privacy/data breach concerns.
The CFPB cited a recent Federal Deposit Insurance Corp. study that said mobile financial services “offers the potential to help the unbanked and underbanked populations gain access to the banking system and grow their financial capability.”
Financial services firms have until September 2014 to respond to the CFPB’s RFI.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.