The Honorable Kathleen L. Kraninger
Director
Consumer Financial Protection Bureau
1700 G Street, NW
Washington, DC 20552
Re: Request for Information Regarding Tech Sprints; Docket No. CFPB-2019-0048
Dear Director Kraninger:
The Milken Institute Center for Financial Markets appreciates the opportunity to provide comments to the Consumer Financial Protection Bureau’s (CFPB or the Bureau) request for information (RFI) regarding Tech Sprints.
The Milken Institute is a nonprofit, nonpartisan think tank determined to increase global prosperity by advancing collaborative solutions that widen access to capital, create jobs, and improve health. The Milken Institute Center for Financial Markets (CFM) promotes financial market understanding and works to expand access to capital, strengthen and deepen financial markets, and develop innovative financial solutions to the most pressing global challenges.
Tech Sprints are one of a few emerging tools that regulators can use to engage closely with industry stakeholders to test-drive new ideas and new ways to enhance regulatory oversight and supervision and alleviate regulatory compliance challenges. The intent is to leverage technology to create a more responsive, efficient regulatory system, provide the regulator with new tools to monitor its markets more effectively and provide market participants with greater certainty with respect to regulatory compliance requirements, expectations, and enforcement.
Several international regulators are spearheading Tech Sprints to improve their understanding of how technological advancements can address persistent challenges related to, among other areas:
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Financial inclusion;
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Access to capital;
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Transparency; and
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Regulatory compliance and reporting challenges.