With more consumers using mobile devices for banking and credit card monitoring, a subcommittee of the House Financial Services Committee is examining the impact of mobile technology on consumers financial decisions.
The Subcommittee on Financial Institutions and Consumer Credit's "Examining How Technology Can Promote Consumer Financial Literacy" hearing will take place on Wednesday and is in conjunction with National Financial Literacy Month.
Federal Reserve data, reported in a news release from the subcommittee, shows that as access to mobile technology rises, so does the ability of individuals to conduct financial transactions. Nearly 90% of U.S. adults have a mobile phone, according to the data. The devices can be used as a tool to help Americans budget for the future and track their spending and savings habits through resources such as having immediate access to bank account balances or depositing a check using a phones camera.
Witnesses set to speak during the hearing include:
Alicia Puente Cackley, director, Financial Markets, Government Accountability Office
Gabriel Krajicek, chief executive officer, BancVue
Stephen Kehoe, senior vice president and global head of financial inclusion, Visa
Barry Saik, senior vice president and general manager, consumer ecosystem group, Intuit
Sabrina Lamb, CEO, WorldofMoney.org
ACA International, the largest association for collection agencies, supports consumer financial literacy efforts, including stakeholder outreach and www.askdoctordebt.org, which has had more than 250,000 visitors over the past several years, according to ACA officials. ACA recently created a brief video that aired on 210 Independent, CW and FOX stations nationwide in 156 media markets.