In an interesting presentation on the regulatory challenges facing the nascent mobile payments market, the writers point out what is termed the “goat rodeo” facing its stakeholders. With a large portion of the Dodd-Frank Act requirements yet to be defined, the impact of the Consumer Financial Protection Bureau, and knotty problems regarding privacy, data ownership, and security, it’s no wonder that progress has slowed on mobile payment strategies.
- Existing banking regulators may predominate (Federal Reserve, FDIC, OCC, NCUA)
- State financial services regulators (and maybe Attorneys General)
- FCC for billing and consumer protection
- State public utility commissions(?)
- New CFPB for consumer protection, backed up by FTC
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