Place the oatmeal into a medium-sized heat-proof bowl. Pour the boiling water on top of the oats and let it sit until it comes down to room temperature, about 90 minutes.
Preheat the oven to 350°F. Spray a 9x13 baking dish with baking spray, set aside. Mix together the flour, baking soda, baking powder, cinnamon, and salt in a medium-sized bowl, set aside.
Add the sugar, brown sugar, and butter into a large bowl and mix until combined with an electric hand mixer.
Add the cooled oatmeal and mix until combined.
Add the eggs and vanilla, mix until combined, scrape down the sides.
Add the flour mixture to the wet and stir it in just until combined.
Pour the batter into the prepared baking dish and smooth out the top. Bake for 30-40 minutes until a toothpick inserted into the center comes out clean. Place the baking dish on a wire rack to cool completely.
While the cake cools, make the frosting by placing the cream cheese and the butter in a large bowl and whip it with an electric hand mixer until smooth.
Add in the powdered sugar a little at a time until fully combined.
Add the vanilla and cinnamon and mix it in, whip for 2 minutes until light and fluffy.
Once the cake is cooled completely, smooth the frosting on top and serve.