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Friday, September 12, 2014

CFPB Focuses on Financial Services Technology

The CFPB aims to maintain oversight and regulation of the financial services market, keeping up with technological innovations, while encouraging the innovations than can benefit consumers, CFPB Director Richard Cordray said at the Consumer Advisory Board meeting. Advances in financial services technology can provide access to more consumers, Cordray continued:

But we need to make sure that the legal and regulatory framework can keep up effectively, so that all consumers can be well served and remain protected, whether they are opening their wallet or scanning the screen on their smartphone.

Cordray’s speech follows the close of the CFPB’s Request for Information on mobile banking and financial management services, during which the Bureau collected information on mobile payments and money management.

Read the speech.

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