Feds Back Clear Rule For Certain Mobile Payments

Law360, New York (March 29, 2012, 1:37 PM ET) -- Regulators from the Federal Reserve on Thursday told a congressional panel that while consumer protections for credit and debit card transactions made with mobile devices are already in place, clear rules are needed for transactions processed through phone bills or prepaid cards.

At a hearing of the Senate Banking Committee, the Federal Reserve staff said that protections in place for consumers who want to challenge a charge or face other problems with their credit or debit cards extend to transactions carried out using a smartphone or...
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