The Consumer Finance Protection Bureau’s Office of Financial Empowerment has issued a new report about mobile financial services and their impact on low-income and economically vulnerable consumers. In compiling the report CFPB put out a Request for Information (RFI) to gather information about the types of mobile financial services that are currently available and how low-income and economically vulnerable consumers are using them.

The report provides a summary of the key takeaways from comments received from financial providers, consumer groups, regulators, and others in response to the Request for Information. It provides a description of mobile financial services and a discussion of the opportunities and risks involved in using the services. 

For many low-income and economically vulnerable consumers using mobile financial services may help manage money and increase access to affordable financial products and services. But, those who use mobile financial services may also face new risks. Read the report to learn more.

More Information and Read the Report