On June 12, 2014, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register a notice and request for information (RFI) about how consumers are using mobile financial services to access products and services, manage finances, and achieve their financial goals (with a focus on economically vulnerable consumers).
The CFPB uses the term “mobile financial services” to cover mobile banking services and mobile financial management services. As a result, the RFI does not address mobile point of sale (POS) payments, except with respect to mobile payment products that are targeted specifically for low-income and underserved consumers. The Bureau is seeking to learn how such targeting could benefit or harm those categories of consumers.
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