CFPB Announces Tech Sprints To Empower Consumers, Reduce Regulatory Burden – MyChesCo

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WASHINGTON, D.C. — The Consumer Financial Protection Bureau this week 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.
Participants in the October 5-9, 2020, Tech Sprint will be asked to improve upon existing consumer disclosures. Many federal consumer financial laws were written in a paper-based age. The use of digital technology and alternative delivery mechanisms (e.g., online or mobile) for disclosure content may enable greater consumer engagement and understanding.
Participants in this Tech Sprint will design innovative electronic methods for informing consumers about adverse credit actions, including from the use of algorithms. Under federal law, applicants for credit are generally entitled to receive the principal reasons why creditors take adverse action, and when creditors use a credit score, key factors adversely affecting that score.

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