CFPB Launches Inquiry Into Mobile Financial Services

The CFPB has launched an inquiry into the opportunities and challenges associated with the use of mobile financial services. As part of the inquiry, the Bureau is exploring how mobile technologies are impacting unbanked and underserved consumers with limited access to traditional banking systems.

According to the CFPB areas of focus include:

  • Access for the underserved: The Bureau is seeking information on whether using mobile devices opens up options in financial services and money management for these consumers; and whether these options are cheaper than traditional financial services. The Bureau is also exploring whether the increased use of mobile technologies could affect the availability and location of bank branches; and if so, what impact that would have on consumers.
  • Customer service: The CFPB is also seeking information on any additional protections consumers may need when they lose their device or if they get cut off from the cell or Internet service on their device.
  • Privacy concerns and data breaches: The Bureau is seeking information on what kind of information companies are collecting on consumers, whether it is being disclosed to consumers, and how that information is being used for low-income consumers in particular. The CFPB is also examining whether data breaches are more common on mobile devices as compared to traditional computers.

 


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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