Joint Comment Letter to the FDIC on Mobile Financial Services

In this comment letter, joint written with National Community Reinvestment Coalition (NCRC), Woodstock Institute writes to the FDIC about the possible benefits and risks of mobile financial services for low- and moderate-income as well as underbanked populations. Though mobile financial services represent a possible great boon for the underbanked, these mobile services in no way comprise an acceptable substitute for brick and mortar branch locations. After examining the issue from the standpoints of access, sustainability, and the possibility for growth, Woodstock Institute and NCRC caution the FDIC about the need for strategic thinking surrounding the use of mobile financial services among underbanked consumers.