Washington Journal of Law, Technology & Arts


Erin F. Fonté


Mobile banking and mobile payments in the United States have evolved differently than in other developed and developing countries. The current fervor for mobile payments in the United States is more about chasing affluence and advertising than creating access for the unbanked and underbanked. However, those individuals may eventually gain access to a broader range of financial services at lower costs depending on how the mobile payments ecosystem evolves in the United States. U.S. regulators have made it clear that existing financial services regulations apply to mobile banking and mobile payments, and the Consumer Financial Protection Bureau (CFPB) is poised to take a lead role in examining and regulating non-financial institutions in the mobile payments space. Finally, the U.S. Treasury Department and the Financial Crimes Enforcement Network (FinCEN) have stated that the United States will follow the revised Financial Action Task Force (FATF) Recommendations. This could have an impact on who is eligible to participate in mobile payments, particularly the revised FATF Recommendations on transparency, customer due diligence and new technology.

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