Invisible Payments - Rows 83-91
FINRA doesn't have any direct regulation covering invisible or contactless payment or any such mobile payment. CFPB's regulation requires companies issuing prepaid cards, including those with contactless technology, to provide increased consumer protections, including limitations on a consumer’s losses when a card is lost or stolen as well as disclosure agreements, among others. The FCC has an interest in regulating the security and privacy data of mobile payments, although FCC’s role as "a mobile payment-regulating agency needs to be clarified because it does not have direct regulatory authority."
Other regulators that have direct regulatory authority on the invisible payment space include Federal Deposit Insurance Corporation (FDIC), Federal Reserve System (FRS), National Credit Union Association (NCUA), and Office of the Comptroller of the Currency (OCC), The Federal Trade Commission and the Financial Crimes Enforcement Network (FinCEN). You can access the completed spreadsheet here.
METHODOLOGY AND FINDINGS
For this redo request, I focused on the regulatory aspect of invisible payments. I primarily researched regulations by the three federal bodies, the FCC, the CFPB, and FINRA, as noted in the spreadsheet. After an extensive search, I wasn't able to find any regulation or report by FINRA covering the invisible payment, mobile payment (especially contactless payment with NFC-enabled payment solutions), or contactless payment. In addition, a research paper on mobile payment, including invisible payments, doesn't list the FINRA as one of the organizations or regulators in the space.
The federal authorities involved in regulating the space are the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System
Comptroller of the Currency (OCC) and the Financial Crimes Enforcement Network (FinCEN). According to the research paper, The Federal Trade Commission (FTC) and the Federal Communication Commission (FCC) have regulatory oversight with mobile payments "when certain transactions or parties are involved".
The organizations with the most substantial oversight seem to be the CPBC and the FDIC. The CPBC regulatory act is detailed here and has been summarized in the spreadsheet. The FDIC contactless payment regulation is detailed in this report. A search of the FCC's database didn't provide any act or direct regulatory requirements for contactless payment, mobile payments, or invisible payment, however, industry experts acknowledge they play a limited role and state that the organization believes that its existing regulations are enough to cover contactless or mobile payments. For instance, the FCC argues that the "Customer Proprietary Network Information,” which is defined by Section 222 of the Communications Act, "extend to information necessary to coordinate use of a smartphone or tablet as a payment device, including encrypted information," however, some industry players have challenged FCC's interpretation of Section 222 of the Communications Act. So although invisible payment and similar payment regulation are not directly provided by the FCC, experts agree that they do have a regulatory role but that it needs to be better defined or clarified. I have provided other requested information in the spreadsheet.
To wrap up, I have provided details on existing regulations as requested in the spreadsheet. All the information for rows 83-91 have been provided.