Regulators Urge House To Lay Off Mobile Payments Industry

Law360, New York (June 29, 2012, 7:10 PM EDT) -- A pair of financial regulators on Friday urged a House subcommittee to allow the mobile payments industry to grow organically instead of crafting regulations to address security and privacy concerns, a call supported by lawmakers but rebuffed by the Consumer Financial Protection Bureau.

In the final hearing in a three-part series on the future of money, members of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit grappled with how to protect consumers from unauthorized transactions, identity theft and other harms when conducting mobile...
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