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CFPB Seeking Comments About Mobile Financial Services Use

Wednesday, June 18, 2014   (0 Comments)
Posted by: Susan Dyer
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Consumers are using their devices to pay bills online or send funds to other consumers or businesses. More and more they are engaged in mobile banking, using their phones as tools to access their existing accounts at a bank or credit union or some other type of financial institution.

One independent researcher estimates approximately 74,000 users per day began using mobile financial services last year. In initiating the request for information on those services, the bureau is specifically looking for information on:
  • Whether using mobile devices opens up financial services and money management options for millions of unbanked consumers.

  • How mobile products and services can be a tool to help consumers manage money in real time financial decisions are being made.

  • What types of customer service or technical assistance are available to consumers when they use mobile products, especially if a mobile product is the only access to their financial institution. The bureau 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.

  • What kind of information companies are collecting on consumers, whether it is being disclosed to consumers and how that information is used, especially for low-income consumers. The bureau is also examining whether data breaches are more common on mobile devices as compared to traditional computers.

Comments will be accepted by the bureau through Sept. 9.

View the bureau's Request for Information Regarding the Use of Mobile Financial Services by Consumers
and Its Potential for Improving the Financial Lives of Economically Vulnerable Consumers
(pdf)