October ‘tech sprint’ focuses on innovation in electronically delivering adverse action notices

A “tech sprint” aimed at developing innovative approaches to electronically delivered adverse action notices will be held Oct. 5-9, the federal consumer financial protection agency announced Sept. 1.

According to the Consumer Financial Protection Bureau (CFPB), the October “sprints” will be held virtually; they are intended to generate “actionable ideas” and help inform future disclosure policy options in a range of markets, the agency said.

Applications to participate are due Friday (Sept. 11).

The bureau said teams participating in the event will be charged with showing how electronically delivered adverse action notices can improve on current notices. Three goals are the target:

  • Accuracy – using accurate information to take adverse action
  • Anti-discrimination – preventing illegal discrimination in credit decisions
  • Education – helping consumers fare better in future credit applications

“The disclosures and disclosure methods that participants develop do not necessarily need to meet every legal requirement (including E-SIGN requirements) as long as the ideas developed fulfill or better realize the three goals discussed above,” the agency said. “The problem statement suggests some ways to improve upon existing notices, or participants may have their own ideas. If they choose, Tech Sprint participants may apply to use their disclosure solutions in market under the Bureau’s Trial Disclosure Policy.”

CFPB said it is looking for disclosure experts, designers, developers, consumer advocates, consultants, technologists, and legal or compliance specialists from a range of professional backgrounds. Participants may apply as a team or apply as individuals and later be formed into a team, the agency said.

CFPB’s first tech sprint on October 5-9, 2020: Help improve consumer adverse action notices