Removing Barriers Blog

CFPB Announces Tech Sprints on Disclosures, HMDA
Posted June 29, 2020 by CUNA Advocacy

The CFPB announced its first Tech Sprints aimed at reducing regulatory burden and improve consumer understanding of financial services. 

According to the Bureau’s release, the Tech Sprints program will “bring together regulators, technologists, software providers, consumer groups, and financial institutions to develop technological solutions to shared compliance challenges.”

The first Tech Sprint will kick off in October with another in March 2021. Participants in the October 5-9, 2020, Tech Sprint will be asked to improve upon existing consumer disclosures.  The March 22-26, 2021, Tech Sprint will focus on the HMDA platform and submission process.

CUNA responded to the CFPB’s RFI on Tech Sprints last November calling on the Bureau to ensure credit unions are represented and can actively participate in innovation-related initiatives.