The emergence of new technology that enables consumers to pay for things with their smartphones has exposed shortcomings in the laws governing financial transactions. As it stands now, no one law or government authority oversees the burgeoning field of mobile commerce. At the same time, regulators have yet to explain what, how, and to whom existing laws may apply.

The federal Gramm-Leach-Bliley Act of 1999, for instance, governs the use of personal information maintained by financial institutions. The Fair Credit Reporting Act of 1970, along with its 2003 amended version, the Fair and Accurate Credit Transactions Act, establishes rules for access to, and dissemination of, consumer reports. Regulation E, first issued by the Federal Reserve Board in 1979 under the authority of the Electronic Funds Transfer Act, provides protection for electronic fund transfers to and from a consumer’s bank account.

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