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ARTICLE · 09 JUNE 2014

CFPB Announces Field Hearing On Mobile Financial Services

Morrison Foerster
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On June 3, 2014, the Consumer Financial Protection Bureau announced that it will hold its first field hearing on "mobile financial services."

United StatesFinance and Banking
Richard Fischer
Richard Fischer
Obrea Poindexter
Obrea Poindexter
Ryan Rogers
Ryan Rogers
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On June 3, 2014, the Consumer Financial Protection Bureau announced that it will hold its first field hearing on "mobile financial services." The field hearing is scheduled for June 12, 2014, in New Orleans, Louisiana. The CFPB's announcement is accessible here.

CFPB director Richard Cordray will deliver remarks at the event, and representatives from consumer groups and the industry will provide testimony. The CFPB did not provide details about the specific consumer-group or industry participants in the hearing.

The particular focus of the field hearing is not apparent. For example, it is not clear whether the field hearing will focus on mobile payments, or is being organized by the CFPB in order for the attendees to learn about mobile banking (e.g., consumer use of smartphone applications to deposit checks and access account information). In either case, the CFPB's field hearing on mobile financial services is a newsworthy announcement.

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