Accessing an Account from a Mobile Device

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Question:

I am wondering if there are any specific regulations or guidelines pertaining to mobile banking. We are going to add a function onto our internet banking website that allows customers to choose an option to access their account(s) from their mobile devices. I would just like to know if we need to consider other compliance issues separate from internet banking.

Answer:

There is good news and bad news here. The good news is that there aren't specific rules for this technology. The bad is there aren't specific rules for this technology.

Had the FRB devised rules for mobile phones five years ago, they would be completely outdated by today's smartphones, so while you don't have to know another set of rules, you do have to recognize the limitations of what can be done with what you have available. Some screens show only text, so watch out for Flash and graphics, and watch out for trigger terms where you simply do not have the capability of making the proper disclosures.

First published on BankersOnline.com 7/05/10