Consumer agency advocates wrestle as Warren steps in

If mobile phones can be used to buy gas and pay bills, should they be subject to the same consumer protections as bank accounts or credit cards? Questions like this may be answered one day by a new Consumer Financial Protection Bureau being built in Washington.

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2 Responses to “Consumer agency advocates wrestle as Warren steps in”

  1. Pauline Santana says:

    Companies are preparing to fight the new bureau which will be established by Treasury. Consumer protections and mobile banking will be the primary issues taken up by the bureau. Consumer advocates will push for the utilization of a complaint hot-line.

  2. Gregory Stewart says:

    In the many issues of concerning consumer credit advocacy, using your cell phone to do retail purchases and banking seems to be far removed for the upstart new agency—the Consumer Financial Protection Bureau (CFPB). Yet, “consumer groups” and “critics” (business groups) are in a protracted battle of how cell phone access can be used to charge additional fees to the consumers—if at all. Although, this is not a top ten issue, it should be noted that financial services and business advocates are looking for ways to circumvent CFPB in the days, weeks, months and years to come.