Mobile Banking: Guidance Coming?

Regulators have hinted at it, and industry experts say it's coming. U.S. banking institutions can expect to see new guidance for mobile banking. The open questions are: When, and in what form?

Mobile could be addressed briefly if regulators issue an FAQ or addendum to the updated FFIEC Authentication Guidance, says banking/fraud expert George Tubin. Tubin says regulators are more likely to address mobile in its own guidance, but they probably won't release it until late 2012 or early 2013.

"I think that we're still in that discovery phase with mobile," Tubin says. "Regulators are still just getting a read on the market and what to expect over the next month to year." 

In short, regulators need more time. They don't yet fully understand the market's mobile state. Acquiring that knowledge demands more in-depth interviews with financial institutions, banking associations and mobile vendors. 

"There may be mention of mobile in an FAQ [related to existing authentication guidance], but it will be a very brief mention," Tubin says. Read more.