CFPB Launches Inquiry into Mobile Financial Services
The Consumer Financial Protection Bureau has launched a new inquiry into 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. A recent study by the Federal Reserve found that one-third of cell phone users and more than half of smartphone users access their bank or credit union account through their devices. As part of its investigation, the CFPB has issued a request for information seeking comment from any member of the public with experience providing or using mobile financial service products. The comment period will end September 9, 2014.