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CFPB Launches Inquiry into Mobile Financial Services

Posted on 6/12/2014

The Consumer Financial Protection Bureau announced yesterday that it is launching an inquiry into the opportunities and challenges associated with the use of mobile financial services. The Bureau will be exploring how mobile technologies are impacting unbanked and underserved consumers with limited access to traditional banking systems.

"In a world where people can manage their money on the go, there is great potential to serve more consumers and allow them to take greater control of their finances," said CFPB Director Richard Cordray. "But we need to make sure all consumers are protected whether they are opening their wallets or scanning the screen on their smartphones."

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