The Consumer Financial Protection Bureau issued a Request for Information (“RFI”) this week regarding “the opportunities and challenges associated with the use of mobile financial services,” focusing particularly on unbanked and underserved consumers. The RFI comes amid growing concerns that the proliferation of mobile financial services poses an increased privacy risk to consumers.
The Bureau is seeking information from industry, consumer advocates, and consumers on the role that mobile financial services can play in expanding access to financial services, the ways in which mobile financial services can serve as useful money management tools, the customer service experience associated with mobile financial services, and the data security measures firms are employing to ensure that consumer data collected through the use of mobile financial services is protected.
According to the Bureau, the information obtained in response to the RFI will be used to inform the Bureau’s research agenda and consumer education initiatives. The comment period ends on September 9, 2014.