A beta platform for testing the collection of small business data mandated by federal requirements was unveiled Monday by the federal consumer financial protection agency, which invited financial institutions and their technology service providers to test and share feedback on its use.
The Consumer Financial Protection Bureau (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 (Dodd-Frank).
The bureau noted that the beta platform is for is for testing purposes only. “Data submitted on the beta platform will not be considered for compliance with small business lending data reporting requirements,” CFPB said in a notice. The agency said test files to be used may be found in its test file repository. However, participants may to using other sample files, the agency said. It added, however, “it is imperative” participants do not use actual customer data.
Testing participants, after uploading non-customer sample data test files, will be able to review validation results and explore the beta platform’s features, the agency said. Feedback on participants’ experience “will help us identify areas for potential enhancement and improve the data filing process,” the bureau said. “Teams can work in an early test environment at their own pace and convenience.”