WASHINGTON–A beta platform designed to test the collection of small business data mandated by new federal requirements has been introduced by the CFPB.
The Bureau has now invited financial institutions and their technology service providers to test and share feedback on its use.
The CFPB said its data collection platform will provide compliance for small businesses with section 1071 of the 201 Dodd-Frank Wall Street Reform and Consumer Protection Act.
Credit unions have been opposed to the collection of the data, citing regulatory burden among other issues.
Not for Compliance Purposes
“Data submitted on the beta platform will not be considered for compliance with small business lending data reporting requirements,” the CFPB said in announcing the new tool.
According to the Bureau, test files to be used may be found in its test file repository, but participants may also use other sample files.
“It is imperative” participants do not use actual customer data,” the CFPB stressed.
The CFPB said that after uploading non-customer sample data test files, participants will be able to review validation results and explore the beta platform’s features.
Gathering Feedback
The agency added that feedback from participants’ experience “will help us identify areas for potential enhancement and improve the data filing process. Teams can work in an early test environment at their own pace and convenience.”
Information on the beta platform can be found here.