WASHINGTON—This Friday marks the deadline for applying for the CFPB’s first-ever “tech sprint,” which will be focused on electronic disclosures. The Bureau said the tech sprint, to take place in October, is part of its efforts to reduce regulatory burden and improve consumer understanding of financial services.
As CUToday.info reported earlier, the Bureau proposed tech sprints last year to identify new technologies and approaches that can be used to provide more cost-effective oversight of supervised entities. A 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 CFPB said.
During the tech sprint – taking place Oct. 5-9 via a virtual platform – participants will develop and test innovative approaches to electronic delivery of adverse action notices required under the Equal Credit Opportunity Act and the Fair Credit Reporting Act, NAFCU reported.
The Bureau has listed several potential innovations it said could be identified during the tech sprint, and what selected participants can expect leading up to, during, and after the tech sprint.
Learn more and access the application here. The Bureau is set to host its second tech sprint – on Home Mortgage Disclosure Act (HMDA) data reporting – March 22-26, 2021.