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MCUA Submits Comments to CFPB on Mobile Financial Services and the Underserved

The Missouri Credit Union Association (MCUA) submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) on mobile financial services and the underserved on September 10, 2014. In the letter, MCUA highlighted that credit unions currently offer a broad range of financial products and services - including mobile financial services - to meet the needs of all consumers, including the underserved.

MCUA asked the CFPB to minimize regulatory burdens associated with offering mobile financial services, to ensure that credit unions and other providers are able to continue to provide these innovative services to consumers. Further, the agency should also recognize that implementation costs to provide mobile services could be quite significant for credit unions and other smaller financial institutions.

Today, virtually all credit unions offer online financial services through websites, while nearly 60% of the more than 200 credit unions that responded to the Credit Union National Association's (CUNA) 2014 Technology Spending survey currently offer mobile financial services and another 26% plan to do so in the next two years.