Tablets and smart phones are influencing the creation of new products and services that provide consumers with cheaper, easier and more efficient ways to manage their daily lives.

On June 11, the Consumer Financial Protection Bureau (CFPB) announced a Request for Information (RFI) regarding the opportunities and challenges associated with the increasing use of mobile-based financial services. The Bureau will focus on the unbanked, consumers who have no bank account and the under-banked, consumers that have limited banking services (i.e. no account balance alert options).

The Bureau is exploring how the lack of financial mobile technologies is impacting unbanked and under-banked consumers. The RFI or public comment request focuses on how these financially vulnerable consumers can save money and time using mobile banking and financial management services.

When relying on payday loans or check cashing, the unbanked and under-banked often spend more money and time while doing simple financial transactions. This CFPB is hoping to gather information that will:

Help consumers access bank or non-bank services that will meet their financial needs.

Reduce the cost of financial services for consumers and influence providers to lower service costs.

Help consumers with account and money management which may have the effect of increasing their financial awareness.

This can have a positive effect on their savings and debt.

CFPB Director Richard Cordray said, “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.”  “But we need to make sure all consumers are protected whether they are opening their wallets or scanning the screen on their smartphones.”

 
Make your voice heard. The government has several Requests for Information from the public, to see the list, go here: http://www.regulations.gov/#!searchResults;rpp=25;po=0;s=rfi;fp=true;ns=true

To comment on this RFI, go to: http://www.regulations.gov/#!submitComment;D=CFPB-2014-0012-0002

Comments on the Request for Information must be received on or before September 10, 2014.
 
 
Resources:

Consumer Financial Protection Bureau.  “[Docket No.: CFPB-2014-0012] Request for Information Regarding the Use of Mobile Financial Services by Consumers and Its Potential for Improving the Financial Lives of Economically Vulnerable Consumers” 17 June 2014. http://files.consumerfinance.gov/f/201406_cfpb_request-for-information_mobile.pdf

Federal Register. “Request for Information Regarding the Use of Mobile Financial Services by Consumers and Its Potential for Improving the Financial Lives of Economically Vulnerable Consumers” 16 June 2014. https://www.federalregister.gov/articles/2014/06/12/2014-13552/request-for-information-regarding-the-use-of-mobile-financial-services-by-consumers-and-its