Mobile Financial Services Input Sought by Consumer Bureau

The U.S. Consumer Financial Protection Bureau today said it is seeking public comment on how consumers, especially the economically vulnerable, are using mobile services to manage their finances.

“We want to learn more from the American public about the opportunities and challenges associated with mobile financial products and services, especially as they may affect underserved consumers,” Richard Cordray, the agency’s director, said in remarks prepared for delivery tomorrow in New Orleans.

In 2013, 74,000 new customers began using mobile banking services each day, according to the bureau’s notice requesting comment. The information CFPB gathers will be used to “inform the bureau’s consumer education and empowerment strategies.”

Comments are due to the bureau by Sept. 11.

To contact the reporter on this story: Carter Dougherty in Washington at cdougherty6@bloomberg.net

To contact the editors responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net Anthony Gnoffo

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