Key Takeaways from Mark Egerman and Christopher Hencke on Mobile Payments and Consumer Risks

Mark Egerman of the Consumer Financial Protection Bureau and Christopher Hencke of the Federal Deposit Insurance Corporation share key takeaways from the recent Mobile Financial Services Seminar, "Deposit Insurance and Consumer Protection for Mobile Financial Services." In this video, Mark Egerman discusses mobile payments and consumer protection issues. Christopher Hencke highlights how deposit insurance interacts with mobile banking.

Bio: Mark Egerman

Mark Egerman is a member of the Cards Market Team at the CFPB. His portfolio includes credit, debit, and prepaid products. In addition, he has been the acting lead on mobile payments. In this role he works to best understand how consumer products operate, what risks consumers face, and how the market adapts to new regulation. He has worked to brief other government actors, met with private-sector representatives, and attended industry conferences to best understand consumer issues relating to mobile payments. Egerman graduated from the School of Computer Science at Carnegie Mellon University and worked as a programmer. Egerman went to Cambridge University for a Master’s degree in International Development. He then graduated from Harvard Law School in 2009.

Bio: Christopher Hencke

Chris Hencke is a specialist in the areas of deposit insurance coverage and the FDIC’s rules regarding brokered deposits and golden parachute payments. In these areas, his duties have included drafting amendments to the FDIC’s regulations and conducting seminars for bankers. Also, he assisted in the drafting of FDIC’s General Counsel’s Opinion No. 8, which deals with the deposit insurance coverage of funds underlying stored value cards and other nontraditional access mechanisms. Hencke has worked at the FDIC since 1989. Hencke graduated from Catholic University Law School in 1985. He is a member of the Maryland State Bar.