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FDIC Warns There are no Safe Harbors for Mobile Payments

In a recent article from the FDIC’s Supervisory Insights publication mobile payments are discussed in terms of understanding and managing risk for financial institutions. The FDIC states that banks may find that effective risk management with mobile payments requires partnering with several specialized parties, but also cautions that innovations in the mobile marketplace are driven by entrepreneurial companies and startups which tend to be less familiar with the supervisory expectations that apply to financial institutions and their service providers.

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