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FDIC seeks comments on plans to assess potential of mobile financial services

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FDIC seeks comments on plans to assess potential of mobile financial services

The FDIC'sDivision of Depositor and Consumer Protection is seeking comments on theregulator's proposed efforts to evaluate the economic inclusion potential ofmobile financial services.

The FDIChas identified six strategies that banks employing mobile financial servicesmay consider to better meet consumer needs, as well as potential demonstrationsthat can document the usefulness of certain strategies. These strategiesinclude increasing consumer control over finances by improving access to timelyaccount information, expediting access to money and making banking moreaffordable through better account management.

By June 15,the regulator would like to hear from financial institutions, consumer groupsand other stakeholders about how financial institutions implement thesestrategies, the best way to shape a demonstration project, and indications ofinterest from financial institutions that may wish to take part in ademonstration.