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CFPB announces first Tech Sprints
The CFPB yesterday announced its first-ever Tech Sprints to reduce regulatory burden and improve consumer understanding of financial services. The Bureau’s 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.
The focus of the October session will be improving upon existing consumer disclosures, the use of digital technology and alternative delivery mechanisms such as online and mobile, for notification of adverse credit actions.
The March 2021 session will focus on the HMDA data submission process.