WASHINGTON—The CFPB is now accepting applications for its previously announced tech sprint on Home Mortgage Disclosure Act (HMDA) data reporting.
The event, scheduled to be held virtually March 22-26, is aimed at identifying technical improvements that could help facilitate the HMDA data submission process, according to the Bureau.
Those interested in participating in the HMDA tech sprint have until 11:59 p.m. ET Feb. 9 to apply.
The Bureau said the tech sprint involves small teams of regulators, technologists, financial institutions, and subject matter experts working together to develop solutions to clearly identified problems in a collaborative environment.
The agency proposed techs sprints through a request for information in 2019 as a means to identify new technologies and approaches that can be used to provide more cost-effective oversight of supervised entities. The agency's first event – held last year – was focused on electronic disclosures, NAFCU noted.
The Opportunity
Participants in the HMDA tech sprint will have the opportunity to:
- Improve the data submission process
- Expand the utility of HMDA data and consumer and industry facing tools
- Increase utilization of existing or new application programming interfaces (APIs)
Interested individuals may either apply to participate on a team assembled by the Bureau to include a range of legal, policy, and technological expertise or apply to participate as a pre-formed team. Each team is expected to have around five members.
More info can be found here.