I'm not sure about using bcp, but here's how I would do it in a procedure.

BULK INSERT incoming_data

FROM 'L:\CurrentData.txt'

WITH (DATAFILETYPE = 'CHAR',

FIRSTROW = 2,

FORMATFILE = 'L:\format.xml',

MAXERRORS = 0);

You should be able to use this approach in a stored procedure to load your data from a database job or as needed.