On August 8, 2022, the Consumer Financial Protection Bureau (CFPB) announced live and virtual technical conversations about software used by financial institutions to facilitate compliance with the CFPB’s small business lending rulemaking (referred to as 1071).
The CFPB 1071 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 Home Mortgage Disclosure Act (HMDA) reporting system. The team will also review a sample draft 1071 filing instruction guide (FIG), which has been drafted as if the Notice of Proposed Rulemaking (NPRM) were finalized as proposed. By sharing these artifacts and discussing regulatory compliance and technology, we are seeking feedback from participants on ways to build the 1071 system so that it can be more easily integrated with existing software systems used by financial institutions. Please note that the meeting materials are intended only as an exemplar and constitute only the technical team’s draft operationalization of the data points as proposed in the NPRM.
Virtual Event 8/19 1:00 – 4:00 p.m. EDT
Live Event 9/15 1:00 – 4:00 p.m. EDT, CFPB Headquarters, Washington, DC