In its most recent issue of the Supervisory Insights newsletter, the Federal Deposit Insurance Corporation (FDIC) describes mobile payment technologies, the risks they pose to depository institutions, and the regulatory framework applicable to such technologies.  The FDIC notes the widespread use of smartphones as a payment technology and the increasing availability of point-of-sale terminals equipped to process payments using near-field communications.  Both of these factors require institutions to understand and adopt controls to mitigate risk from mobile payment technologies.

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In an interview with Information Security Media Group, William Henley, Associate Director of the Federal Deposit Insurance Corporation’s (FDIC) Technology Supervision Branch, discussed the status of the banking industry’s implementation of FFIEC authentication guidance released in July 2011.  Henley generally said that the industry was working towards compliance and offered that FDIC examiners at this