Regulation

CFPB to hold hearing on mobile financial services in New Orleans

cfpbThe CFPB will hold a field hearing in New Orleans next week to examine the development and use of mobile financial services.

The hearing, which will be held at 10 a.m. CDT on June 12 at The Old U.S. Mint, will be streamed online and will be open to the public, though attendees are required to RSVP.

A report issued by the Federal Reserve in March showed 33 percent of all mobile phone users and 51 percent of all smartphone users participated in mobile banking last year—compared to 28 percent and 48 percent, respectively, in 2012.

According to the Fed’s report, the number of people who use phones to complete transactions at the register has risen threefold to reach 17 percent of smartphone users and nine percent of all adults, with mobile wallet technology cited as a common method of purchase.

Next week’s hearing will include remarks from CFPB Director Richard Cordray, along with testimony from consumer groups, industry participants and the public.

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