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Federal Reserve Reports on Mobile Payments Regulatory Landscape

In late July, the Federal Reserve Banks of Atlanta and Boston published a summary report on the mobile payments regulatory landscape.  The report covered the opportunities, challenges, and regulatory coverage of mobile payments. The mobile payments industry and financial regulators recognize that the complexity of the regulatory framework for mobile financial services requires further and ongoing analysis. Also, the report noted a need for education of industry stakeholders, regulators, policymakers, and consumers. Consumer protection regulators, such as the CFPB and the FTC, are also interested in how consumers have appropriate information and disclosures on mobile transactions. Finally, the report covered new payment entities such as non-depository institution payment providers, as well as financial inclusion and the underserved. Also, in late July, the Federal Reserve Bank of Boston published another report entitled, the “Opportunities and Challenges to Broad Acceptance of Mobile Payments in the United States.” 

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