CFPB Issues a Request for Information Related to Mobile Financial Services

Yesterday, the Consumer Financial Protection Bureau (“CFPB”) released a request for information (“RFI”) concerning the use of mobile financial services, specifically among unbanked and underbanked consumers. The RFI was released in advance of the CFPB’s field hearing in New Orleans tomorrow on the same subject.

In the RFI, the CFPB expresses its interest in learning more about how consumers, particularly underserved consumers, use mobile financial services to access products and services, manage finances and achieve their financial goals. The CFPB plans to use responses to the RFI in developing the agency’s consumer education strategies related to mobile financial services. The CFPB encourages a wide range of commenters to respond, including consumer groups, bank and non-bank financial service providers, technology firms and regulators. Comments are due “on or around” September 9, 2014.

Please see full alert below for more information.

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Topics:  CFPB, Data Protection, Mobile Apps, Mobile Banking, Request For Information

Published In: Communications & Media Updates, Consumer Protection Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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