Bureau asks for mobile financial services input

The CFPB has published in this morning's Federal Register a notice requesting information about how consumers are using mobile financial services to access products and services, manage finances and achieve their financial goals, with a focus on economically vulnerable consumers. With regard to mobile POS payments, the inquiry is restricted to mobile payment products targeted specifically for low-income and underserved customers, and whether such targeting could benefit or harm such customers. The Bureau's press release provides a summary of the information request, and Director Cordray's remarks at yesterday's CFPB field hearing in New Orleans provide additional background. A ninety-day comment period will expire on September 10, 2014.