The FinServ Financial Institutions Subcommittee held a hearing today to consider developments in mobile payment systems. This follows last week’s Senate Banking Financial Institutions Subcommittee hearing on prepaid cards (see Client Report PREPAID2) and a recent FRB study showing the rapid pace of consumer adoption of mobile banking. Similar to the senate hearing, consumer protection was a high priority for FinServ subcommittee members and there was concern about the lack of any primary regulator for the industry.
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