| 00:03:15 |
Unidentified Speaker, -
MOBILE PAYMENTS, I THINK. >> I THANK THE CHAIRWOMAN, AND THIS IS
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| 00:03:30 |
Unidentified Speaker, -
THE THIRD LOOK AT THE ISSUE OF MOBILE PAYMENTS, AND I HAVE TO
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| 00:03:35 |
Unidentified Speaker, -
COMMEND THE CHAIRWOMAN AND COMMITTEE FOR HOLING THE SERIES OF HEARINGS ON NEW TECHNOLOGY, AND WE CO-HOSTED A DINNER TO LOOK AT IT, AND EXPOSE THE NEW...
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| 00:04:35 |
Unidentified Speaker, -
FOR EVERYONE FROM CONSUMERS AND
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| 00:04:38 |
Unidentified Speaker, -
MERCHANTS TO FINANCIAL INSTITUTIONS AND OTHER PROVIDERS. MOBILE PAYMENTS HAVE ALREADY PROVEN TO BE THE MOST SIGNIFICANT DEVELOPMENT IN CONSUMER PAYMENT...
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| 00:08:19 |
Unidentified Speaker, -
JAMES H. REES, DIRECTOR OF FINANCIAL CRIME ENFORCEMENT NETWORK AT THE DEPARTMENT OF TREASURY. WELCOME. I WELCOME YOUR STATEMENT. >> THANK YOU AND GOOD...
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| 00:08:38 |
Unidentified Speaker, -
MICROPHONE -- THANK YOU. >> I AM JIM FREIS, DIRECT GROWTH THAN SOME STAFFERS TO ESTABLISH A MEANINGFUL REGULATORY FRAMEWORK FOR MOBILE PAYMENT TO ANOTHER...
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| 00:08:53 |
Unidentified Speaker, -
IS. MY TESTIMONY TODAY WILL FOCUS ON SOME OF THE MOST IMPORTANT REGULATORY ANALYTICAL WORK BEING DONE TO PREVENT CRIMINAL ABUSE OF THE FINANCIAL SYSTEM...
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| 00:14:00 |
Unidentified Speaker, -
WELCOME. >> CHAIRMAN CAPITO, RANKING MEMBER MALONEY AND MEMBERS OF THE SUBCOMMITTEE, CHENEY MET FOR INVITING ME TO APPEAR BEFORE YOU TODAY TO TALK...
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| 00:14:09 |
Unidentified Speaker, -
MOBILE PAYMENTS. THE EVOLUTION OF TECHNOLOGY THAT ENABLES CONSUMERS TO CONDUCT FINANCIAL TRANSACTIONS USING MOBILE DEVICES HAS THE POTENTIAL TO AFFECT...
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| 00:18:26 |
Unidentified Speaker, -
SOMETHING MS. MARTIN SAID AT THE END OF YOUR STATEMENT BECAUSE AT THE DINNER WE HAD LAST NIGHT WE HAD FIVE PRESENTERS AT THE WHOLE RANGE OF FORWARD...
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| 00:20:06 |
Unidentified Speaker, -
THE PARTNERSHIP -- I BENICIA PARTNERSHIP BETWEEN A BANK, NONBANK SERVICE PROVIDER, SOMETIMES THE TELEPHONE COMPANY WOULD BE INVOLVED. ANY PARTICULAR...
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| 00:21:00 |
Unidentified Speaker, -
INTERNATIONALLY, TOO. OTHER SPECIALIZED AGREEMENTS FOR MOBILE PAYMENTS ARE AWARE OF OR DO THEY FALL WITHIN THE NORMAL BANK TO BANK RELATIONSHIP AGREEMENTS...
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| 00:21:20 |
Unidentified Speaker, -
INSTITUTIONS , THEN IT IS LARGELY TODAY RELIANCE ON EXISTING BANK CENTRIC NETWORKS, SUCH AS THOSE INVOLVING WHAT WE COMMONLY KNOW AS MASTERCARD OR...
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| 00:21:56 |
Unidentified Speaker, -
WE SAW WAS TALKING ABOUT BEING ABLE TO HAVE A CARD THAT YOU COULD SLAP BETWEEN PAIN BUT YOUR VISA DATABASE EXAMPLE OR NOT REWARD POINTS. I MEAN, THAT...
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| 00:22:36 |
Unidentified Speaker, -
A CREDIT CARD WITH FLIGHT MILES ON IT TOO RISKY. THAT IS USUALLY REDEEMABLE AT A SPECIFIC MERCHANT SELECTED NEWSNIGHT U.S. AIR FLIGHT MILES AT U.S....
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| 00:23:18 |
Unidentified Speaker, -
THEY COVERING ALL SORTS OF DIFFERENT TRANSACTIONS THAT MAY BE COMING OVER THE SAME VIRTUAL WALLET. >> ONE OF THE ISSUES IS TO LOOK AT THE CONSUMER PROTECTION...
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| 00:23:32 |
Unidentified Speaker, -
THIS EF BB WILL HAVE THE BOOK WRITING AUTHORITY UNDER THOSE LAWS. BUT IT'S NOT CLEAR THAT THOSE LAWS DO APPLY. >> THAT'S A POINT YOU'RE MAKING. >> IN...
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| 00:23:56 |
Unidentified Speaker, -
NOT APPLY DEPENDING WHAT
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| 00:23:58 |
Unidentified Speaker, -
THE NONBANK SCHOOL IS. >> THANK YOU. MS. MALONEY. >> FIRST OF ALL, SHE THINK BOTH OF THE PIN ON US AND I AGREE WITH
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| 00:24:11 |
Unidentified Speaker, -
THE CHERRY
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| 00:24:14 |
Unidentified Speaker, -
LADY AND STIFLE INNOVATION AS WE MOVE FORWARD TO MAKE SURE MONEY LAUNDERING IS PREVENT THEM OTHER THINGS AREN'T PLACE. AS YOU LOOK AT THIS EVOLVING...
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| 00:25:54 |
Unidentified Speaker, -
DIFFERENT FINANCIAL SERVICE PROVIDERS AND A DIFFERENT RANGE OF AGENCIES TO ENSURE APPROPRIATE REGULATION. SO FOR THE ANTI-MONEY LAUNDERING PURPOSES,...
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| 00:27:38 |
Unidentified Speaker, -
THINK ABOUT WHAT AGENCY SHOULD
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| 00:27:39 |
Unidentified Speaker, -
TAKE OWNERSHIP OF THIS AREA. IT IS SUCH A BROAD AREA AND IT COVERS SO MANY DIFFERENT TYPES OF ENTITIES. IT'S REALLY HARD TO POINT TO ONE AGENCY WITH...
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| 00:28:32 |
Unidentified Speaker, -
OTHER. THEY'RE BUILDING ON YOUR QUESTION ON THIS THEME IN YOUR HAT, THEY ARE TESTIFYING TO US ARE TELLING US THAT THIS DINNER WE HAD EXPLAINED THE...
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| 00:29:18 |
Unidentified Speaker, -
HAVE REGISTRATION REQUIREMENT AND BONDING INVESTMENT LIMITATIONS. SO TO THAT EXTENT I KNOW STATES DO HAVE SOME LIFE. WHEN YOU TALK ABOUT BRINGING PHONE...
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| 00:30:05 |
Unidentified Speaker, -
10% IS PAYMENT USERS DON'T HAVE A BANK ACCOUNT AND ROUGHLY 30 MILLION AMERICANS ARE EITHER ON BANKED OR UNDER BANKED. SO HOW DO YOU FEEL THE GROWTH OF...
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| 00:30:32 |
Unidentified Speaker, -
PRESENT A GOOD OPPORTUNITY FOR THE BANK AND ON BANKED TO OBTAIN PAYMENT SERVICES PERHAPS BETTER MORE EFFICIENT AND PERHAPS EVEN CHEAPER THAN ALTERNATIVES...
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| 00:31:31 |
Unidentified Speaker, -
TO ANNOTATE WITHIN THE SPACE. WHAT SPECIFIC STEPS SHOULD REGULATORS BE TAKING TO ENCOURAGE INNOVATION AND INVESTMENT IN THE MOBILE PAYMENT SPACE WHILE...
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| 00:32:04 |
Unidentified Speaker, -
PRIORITIES AND KEY CONCERNS THAT YOU WOULD LIKE TO SEE IN THIS MOBILE PAYMENT RELATIONS REGARD TO HOW THEY'RE STRUCTURED. I MENTION A COUPLE IN MY...
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| 00:33:07 |
Unidentified Speaker, -
SO, WHAT TYPE OF COORDINATION IS GOING ON BETWEEN REGULATORS IN THE UNITED STATES ANOTHER KIND TREES? >> I'M HAPPY TO ADDRESS THAT FIRST. WITH RESPECT...
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| 00:33:23 |
Unidentified Speaker, -
AT FIRST, WE HAVE DEVELOPED INTERNATIONAL PRINCIPLES IN TERMS OF EXPECTATIONS ESTIMATE THE RISKS THAT ARE ENOUGH FOR US TO MITIGATE THEM. WE DO THAT...
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| 00:35:03 |
Unidentified Speaker, -
AND
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| 00:35:05 |
Unidentified Speaker, -
RAPIDLY EVOLVING TO REGULATORY SCANDALS. WHERE SYSTEMS ARE MORE MATURE AND BASS TRACK SUITS ARE ESTABLISHED AND THAT REALLY HASN'T HAPPENED YET. >>...
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| 00:35:31 |
Unidentified Speaker, -
I SEE THAT KIND OF
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| 00:35:33 |
Unidentified Speaker, -
FIVES. >> I WOULD ASK UNANIMOUS CONSENT TO ANSWER THE PHONE RECORDS
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| 00:35:37 |
Unidentified Speaker, -
FROM THAT CFPB I WOULD LIKE TO RECOGNIZE
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| 00:35:41 |
Unidentified Speaker, -
MR. BACHUS FOR FIVE MINUTES. >> THANK YOU, NOT SURE FOR CALLING THIS MEETING. ONE OF THE THINGS I WANT TO ADD COME THE BASIC RULES AND ARE DOING THE...
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| 00:35:50 |
Unidentified Speaker, -
A CREDIT LINE RECALLED BY
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| 00:36:53 |
Unidentified Speaker, -
EFTA OR TIJUANA, DOES ERROR RESOLUTION PROCEDURES WITH TAKEN FOR CONSUMERS. >> HOW WOULD THEY BE PERFORMED BECAUSE THEY WOULD BE COVERED BUT THEY WANT...
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| 00:37:09 |
Unidentified Speaker, -
THE TIME THEY ARE TIME IS REIMBURSED BECAUSE A LOT OF THEM ON FIXED INCOME. >> THE EXISTING FOR THAT EFTA AND TIMEFRAME SHOULD BE DISCLOSED TO CONSUMERS...
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| 00:37:27 |
Unidentified Speaker, -
WELL. I BELIEVE THE INVESTIGATION WITHIN 10 DAYS THAT THE INVESTIGATION IS NOT CONCLUDED THE CONSUMER HAS TO BE REIMBURSED ON THE INVESTIGATION CONTINUES....
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| 00:37:54 |
Unidentified Speaker, -
DOING ANYTHING. >> CONSUMER INITIATES
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| 00:37:59 |
Unidentified Speaker, -
THE PROCESS. >> IS SHOULD BE IN DOING THAT AS TWO DIFFERENT THINGS. >> THE OTHER POINT I WANTED
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| 00:38:06 |
Unidentified Speaker, -
TO MAKE IF THOSE LAWS -- IT IS
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| 00:38:10 |
Unidentified Speaker, -
NOT CLEAR THE LAWS APPLY IN ALL CASES WHERE NONBANK IS
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| 00:38:14 |
Unidentified Speaker, -
INVOLVED. I DO KNOW THAT SOME NONBANK PAYMENT PROVIDERS HAVE INCORPORATED EFTA LIKE ERROR RESOLUTION PROCEDURES INTO THEIR ROLES AND USER AGREEMENTS....
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| 00:38:42 |
Unidentified Speaker, -
MONTHLY BILLS. WE USED TO SEE THIS A LOT WITH CREDIT CARDS. THIS IS A CAUSE OF A LOT OF CONSUMERS TO DISPUTE THESE CHARGES. HOW CONSISTENT ARE THE...
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| 00:39:16 |
Unidentified Speaker, -
IN ON. THAT IS REALLY OUTSIDE MY AREA OF EXPERTISE OR KNOWLEDGE. I WOULD HAVE TO DO IF YOU GET BILLED ON YOUR PHONE BILL FOR A PAYMENT ISSUES AND AM...
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| 00:39:44 |
Unidentified Speaker, -
LEFT, BUT WE'VE JUST BEEN CALLED FOR A VOTE. I'M GOING TO GO
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| 00:39:51 |
Unidentified Speaker, -
TO MR. LEUTKEEYER BECAUSE HE'S THE NEXT BOAT. WHEN YOU WANT TO COME BACK WITH TWO OF THOSE. >> THANK YOU, MADAM CHAIR AND THANK YOU FOR THE BRIEFING...
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| 00:40:06 |
Unidentified Speaker, -
AND AFTER THAT MEETING AT THOMAS.I'M GOING TO GET A ROTARY PHONE ICU. SO GETTING IN THE 21st CENTURY. THANK YOU FOR BEING HERE THIS MORNING AND JUST...
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| 00:41:04 |
Unidentified Speaker, -
STANDARDS. >> GENERALI WHEN WE WORK ON INTERNATIONAL STANDARDS AND OTHER CONTACTS, AND AS WHEN WE HAVE SOME RULES
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| 00:41:13 |
Unidentified Speaker, -
IN A THIN PLACE ABOUT HOW THAT MARKET IS REGULATED TO YOUR. ALL I AM SAYING IS I THINK WE NEED TO DO FURTHER INVESTIGATION DOMESTICALLY BEFORE WE START...
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| 00:41:34 |
Unidentified Speaker, -
FIRST -- >> ARE YOU FAMILIAR WITH CFPB'S PROPOSED RULES WITH INTERNATIONAL WIRE TRANSFER SERVICES CLIENT'S >> AND SOMEWHAT
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| 00:41:41 |
Unidentified Speaker, -
WITH
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| 00:41:43 |
Unidentified Speaker, -
IT. >> ARE YOU FOR COME AGAINST IT? HOW WILL IT AFFECT MOBILE PAYMENTS I GUESS IS
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| 00:41:51 |
Unidentified Speaker, -
THE QUESTION. >> THAT'S A GOOD QUESTION. A MASHUP IS
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| 00:41:55 |
Unidentified Speaker, -
THERE'S ANY MOBILE PAYMENT ARRANGEMENTS AT THIS TIME. JENN COME YOU
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| 00:42:01 |
Unidentified Speaker, -
CAN JUMP IN HERE COMETH THE NEWS FOR INTERNATIONAL REMITTANCES. >> ACTUALLY, THERE ARE SOME SERVICES FOR WHICH MOBILE PAYMENTS ARE A PART OF THAT INTERNATIONAL...
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| 00:42:16 |
Unidentified Speaker, -
NETWORK AS I'VE MENTIONED IN MY WRITTEN TESTIMONY THAT ARE COVERED FROM REGULATORY FRAMEWORK AND CONGRESSMEN, JUST RESPONDING TO YOUR QUESTION, WANTED...
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| 00:43:49 |
Unidentified Speaker, -
YOU KNOW, SWIFT RECOMMENDS A PROPORTIONATE APPROACH THAT CAN BE TRANSFERRED, ADVANCED INCLUSION AND ENSURE SOUNDNESS OF FINANCIAL SERVICES. WHAT ARE...
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| 00:44:15 |
Unidentified Speaker, -
MONITOR. ONE THING I CAN SAY IS SOMETHING I INSTITUTED AFTER JOINING THE AGENCY MORE THAN FIVE YEARS AGO IS A YEAR AFTER WE PROMULGATE OUR NEW RULES...
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| 00:44:49 |
Unidentified Speaker, -
PANEL APPEARED WITH ABOUT 10 MINUTES WESTERVILLE. >> THANK YOU, MR.
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| 00:44:54 |
Unidentified Speaker, -
CHAIRMAN. I MAY JUST ASK YOU THIS. LET'S SUPPOSE WHAT ADVICE WOULD YOU GIVE THE AMERICAN PEOPLE IF ONE OF THEM
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| 00:45:01 |
Unidentified Speaker, -
WERE TO USE THEIR CELL PHONE, THEIR MOBILE PHONE, BUT SHOULD THEY DO, ESPECIALLY REGARDING HOW THEY PROTECT THEIR VITAL INFORMATION? WHAT SHOULD THEY...
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| 00:45:27 |
Unidentified Speaker, -
PASSWORD? SPINET PASSWORD-PROTECTED CELL PHONE. I ALSO THINK IT'S IMPORTANT FOR CONSUMERS TO UNDERSTAND WHAT IS ON
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| 00:45:34 |
Unidentified Speaker, -
THEIR PHONES AND WHO TO CALL IF THEY LOSE THEIR PHONE. SO TO HAVE THAT INFORMATION SOMEWHERE OTHER THAN ON YOUR PHONE WOULD BE A VERY GOOD STEP IN...
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| 00:46:02 |
Unidentified Speaker, -
WHERE TO COMPLAIN, TO CALL? WHAT DO YOU DO QUAKES IS GOOD THAT THEY PUT THEIR CELL PHONE, THEIR I.D. AND PASSWORD AND ALL OF THAT, BUT IS THERE ANYTHING...
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| 00:47:12 |
Unidentified Speaker, -
TO IT, WHICH IS THE SAME THING IS THAT I LOST MY PLASTIC. I WOULD CALL THE CREDIT CARD COMPANY. SO I THINK MANY OF THE PROCEDURES YOU WOULD OR WOULD...
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| 00:47:37 |
Unidentified Speaker, -
IS CLEAR. ONE THING THAT MUST BE SAID IS PART OF THE REASON WHY
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| 00:47:43 |
Unidentified Speaker, -
THESE PAYMENT PRODUCTS, PREPAID WHETHER THROUGH MOBILE PHONE OR CAR TO TAKE AN OFFICE BECAUSE HE DO HAVE RECOURSE TO YOUR FUNDS. UNLIKE IF YOU LOST...
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| 00:48:24 |
Unidentified Speaker, -
NOTE THERE IS FURTHER QUESTIONS ON THE PANEL WHICH THEY MAY
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| 00:48:27 |
Unidentified Speaker, -
WISH TO SUBMIT IN WRITING. WITHOUT OBJECTION IS YOUR GOURMET AND OPEN FOR 30 DAYS TO MEMBERS TO SUBMIT QUESTIONS INTO PLACE RESPONSES IN THE RECORD....
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| 00:49:35 |
Unidentified Speaker, -
FOR
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.