While we know that many federal agencies (cough cough...FBI) are having difficulties getting their technology in order, it’s nice to hear that the new Consumer Financial Protection Bureau (CFPB) seems to be on top of any potential IT and data issues, according to Information Week.

J. Nicholas Hoover wrote up an engaging piece on how the CFPB, created after 2010’s Dodd-Frank Wall Street reform law passed, is functioning smoothly compared to other agencies bogged down by years of technological inefficiencies. Essentially, because the new bureau was created from scratch, it’s easier for the CFPB to implement “technologies and methodologies such as cloud computing, open source, agile development, and standardized data.” Hoover chatted with CFPB CIO Chris Willey who shared some details in how the agency’s operations work.

From Information Week:

Behind the scenes at the CFPB, open source, cloud computing, agile development, and the imperative of good design are the keys to IT operations, said Willey. For instance, instead of continuing to rely on what the bureau considered to be a bulky Treasury Department process for enrollment in employee transportation subsidies, the CFPB developed a new transportation reimbursement application that automatically routes employee requests to the appropriate manager and does away with paper processes. The redesign took one developer all of two weeks.

"We think that there are hundreds of those types of opportunities within any agency, ours included, and because we are just now standing up some of those processes, now is the time," he said. "Otherwise, you just end up like every other agency or large organization, having legacy processes that aren't automated."

The transportation app also dovetails with the CFPB's open-source strategy. The bureau plans to release the code so that other agencies, many of which have transportation reimbursement policies, can use the same app.

Only time will tell whether the new agency’s technological infrastructure can handle the enormous amounts of data that will need to be sifted through and properly digested in order to educate and protect consumers. The Los Angeles Times details the agency’s new prototype of standardized monthly mortgage statements, which will supposedly aid consumers in comprehending their mortgage bills.

From The Los Angeles Times:

The prototype released Monday included a breakdown of how much of the monthly payment went to principal, interest and escrow. The form also detailed the outstanding principal, maturity date, prepayment penalty and, for adjustable-rate mortgages, the time when the interest rate could change.

"This information will help consumers stay on top of their mortgage costs and hold their mortgage servicers accountable for fixing errors that crop up," said Richard Cordray, the agency's director. "Given the widespread mortgage servicing problems we've seen over the past few years, consumers need clear disclosures they can count on."