Early in August 2022, the CFPB announced that it will host events wherein it will conduct technical conversations about software used by financial institutions to facilitate compliance with the CFPB’s small business lending rulemaking. The Bureau will conduct two events - the first is a virtual meeting on August 19, 2022 and the second one is an in-person meeting on September 15, 2022. The same materials will be covered at both.
In the said meeting, the CFPB’s technical team will share insights into how the CFPB generally builds regulatory compliance systems for the intake of submitted information from financial institutions, such as the HMDA reporting system. As part of its technical presentation, the CFPB will also review a sample small business lending data filing instruction guide, which has been drafted as if the proposed rule were finalized as is.
Through these meetings, the CFPB aims to seek feedback from participants on ways to build the small business lending data collection system so that it can be more easily integrated with existing software systems used by financial institutions.
The CFPB’s event page for the August meeting can be found here and for the September meeting here.
