The Consumer Financial Protection Bureau (CFPB) shared the result from its first two tech sprints, according to a blog post made by acting Director Dave Uejio.
The goal of the sprints was to show how advanced technology can strengthen compliance, encourage innovation, drive down cost and burden, and promote transparency.
“The tech sprint model recognizes that the bureau cannot do this work alone,” Uejio wrote. “To help, our tech sprints gather those who have a stake in the outcome – whether it’s community groups, technologists, financial institutions, fintechs, and others – to work with regulators to imagine, develop, and ‘hack’ new solutions. When we bring together a diverse group of perspectives and expertise, we are creating an open forum where ideas can be exchanged across an issue area. Working in collaboration, we can responsibly accelerate innovation across financial markets, while delivering real benefits.”
The tech sprints focused on adverse action notices and the home mortgage disclosure act. The first sprint, from Oct. 5, 2020 to Oct. 9, 2020, aimed to improve disclosures to empower customers to make better informed financial decisions.
The second, from March 22, 2021 to March 26, 2021, sought to advance the submission and publication of mortgage date to better drive meaningful action. Uejio said the bureau challenged participants to innovate around how the CFPB receives and processes HMDA data and how to make the data more accessible.