Mobile Payments Growth May Require New Rules, CFPB Official Says
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The U.S. government may need to develop rules to keep pace with rising use of mobile-payment systems, a Consumer Financial Protection bureau official told lawmakers in a statement prepared for a hearing tomorrow.
“To the extent that technology companies begin to play roles traditionally performed by banking institutions, we may need to reconsider how well our existing regulations apply to a changed environment,” Marla Blow, the bureau’s assistant director for card and payment markets, said in a written statement for a House Financial Services subcommittee.