Why the Consumer Financial Protection Bureau’s website works

Becoming a paperless office may be a challenge, but one way to alleviate these issues is by deciding how the system will transform daily workflows. During the early stages, communication between executives and chief information technology officers is essential to develop the best strategy.

Based on responses, it may be clear that the best electronic document management solution is to slowly roll out more digital processes. Thinking too broadly may cause a disconnect during the implementation process. An example of such an operation gone wrong is the Healthcare.gov website. On the other hand, the Consumer Financial Protection Bureau has found great success sharing its resources on the internet. 

"A compliance officer at a small community bank shouldn't have to sign up for a [subscription] service to find out what the regulations are," Matt Burton, acting CIO in the Technology Innovation office at CFPB, told FCW Magazine.

When CFPB was working to create a user-friendly and accessible database a year ago, it had to consider who would be the most affected by the change. Obvious contenders were those who worked for the CFPB, but also compliance officers and attorneys who may need information on specific regulations to support their case. 

What stood out the most to Burton is that many communities in the United States do not have a huge staff due to tighter budgets. That means any time wasted looking for necessary paperwork can greatly influence their overall productivity. 

Now, the live website serves as "an [application programming interface] that will ingest a body of regulations and spit them out as structured data," FCW explained. The CFPB is responsible for requiring ATMs to disclose user fees and consumer-facing services and products. 

Businesses that are deciding on an electronic document management solution that can greatly increase efficiency and reduce costs may want to reach out to OptiDoc


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