Because the CFPB continues work on its Dodd Frank Act Part 1071 rulemaking—which pertains to the gathering of small enterprise lending information—the bureau will maintain two occasions within the coming weeks to debate technical implementation of the rule’s reporting necessities. In keeping with the CFPB’s spring rulemaking agenda that was launched earlier this summer season, a remaining rule is anticipated in March 2023.
On the conferences—that are geared towards in-house financial institution technologists or suppliers that present compliance software program to banks—the CFPB’s technical staff will share data on how the CFPB builds regulatory compliance expertise methods; overview a pattern draft 1071 submitting instruction information; focus on doable approaches to authentication and APIs; overview technical information submission requirements, edits and validations; and settle for suggestions on the sorts of help that could be useful for this implementation. The bureau famous that the occasion shouldn’t be supposed to be a discussion board to debate the deserves or potential outcomes of the continued rulemaking, or to take questions concerning the substance of the rulemaking.
The bureau will maintain a virtual session Aug. 19 at 1 p.m. EDT, and an in-person session on the CFPB’s headquarters in Washington, D.C., on Sept 15 at 1 p.m. EDT. The identical supplies will probably be lined at each conferences.