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ARTICLE · 10 NOVEMBER 2015

CFPB Reports On Access To Mobile Financial Services

Reed Smith
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The Consumer Financial Protection Bureau ("CFPB") this week shed new light on the growing mobile financial services sector, publishing a report compiling responses to its 2014 request for information on these services.

United StatesFinance and Banking
Roberta Torian
Roberta Torian
D. Patrick Yoest
D. Patrick Yoest
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The Consumer Financial Protection Bureau ("CFPB") this week shed new light on the growing mobile financial services sector, publishing a report compiling responses to its 2014 request for information on these services.

The CFPB's Office of Financial Empowerment issued a Request for Information ("RFI") on June 11, 2014, regarding mobile financial services. The RFI's stated purpose was to help the CFPB "understand better the potential for mobile financial services to help underserved consumers – including low-income, unbanked, underbanked and economically vulnerable consumers – access financial services." Thus, the focus of this week's report is on the challenges and opportunities of using mobile financial services to aid that population.

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