The CFPB Eyes Mobile Financial Services

17 December 2015
View Client Update

Key takeaways

  • Last month the CFPB released a report regarding the use of mobile financial services by underserved populations following public responses to its June 2014 request for information on how mobile technologies are impacting economically vulnerable consumers with limited access to traditional banking systems.
  • The report outlines the huge potential for mobile financial services to expand and reach consumers, but also suggests that more research needs to be done to understand the potential risks in this space, including with respect to data security, privacy and fair lending.
  • Although not intended to forecast potential regulatory, supervisory or enforcement action by the CFPB, the report’s findings will likely influence policy in these areas.