mobile financial services

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The CFPB recently released a report regarding the use of Mobile Financial Services by underserved populations, including low-income, unbanked, underbanked, and economically vulnerable consumers. The report does not contain any findings or specific recommendations; rather, it is a summary of public comments received in response to the Request for Information issued in June 2014 by the Bureau’s Office of Financial Empowerment.… Continue Reading

In an interesting coincidence, the comment period for the CFPB’s Request for Information (“RFI”) on mobile financial services closed the same day, September 10th, that Apple announced “Apple Pay”—a new mobile wallet included with the iPhone 6 that could shake up the mobile payments landscape.  The RFI, which we reported on earlier, speaks optimistically of potential cost savings for underbanked consumers while expressing concern about ensuring that consumers remain adequately protected. … Continue Reading

Tomorrow, the CFPB will publish in the Federal Register a “Request for Information Regarding the Use of Mobile Financial Services by Consumers and Its Potential for Improving the Financial Lives of Economically Vulnerable Consumers.” The CFPB is looking for information on how consumers use mobile financial services to access products and services, particularly for economically vulnerable consumers. … Continue Reading

The CFPB announced yesterday that it will hold a field hearing on mobile financial services on June 12, 2014 at 10 a.m. in New Orleans. The hearing will be held at The Old U.S. Mint, located at 400 Esplanade Ave., and feature remarks from Director Cordray and testimony from consumer groups, industry representatives, and members of the public.… Continue Reading