The Consumer Financial Protection Bureau is exploring how consumers—particularly members of economically vulnerable and underserved communities—are using mobile technology to access financial services and manage personal finances. In a Request for Information announced earlier this week, the CFPB notes that a large percentage of unbanked and underbanked consumers, many of whom are low-income, have access to mobile phones, a significant number of which are smartphones, and that accessing financial products, services, and financial management tools via mobile devices has the potential to empower consumers to take more control over their financial lives, to increase savings and reduce debt.
James Denvil, an associate in our Washington office, contributed to this entry. This week, Washington lawmakers and California’s Attorney General focused their attention on mobile privacy. The Senate Judiciary Committee is considering a measure that would establish legal requirements for apps that collect or share location information from mobile devices. A Democratic congressman released for [...]