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Wednesday, February 25, 2015

CFPB to Temporarily Suspend Card Agreement Submissions

The CFPB proposed a rule that would suspend the requirement for credit card issuers to submit card agreements to the bureau while it develops a more streamlined automated submission system. The temporary suspension would apply to the next four quarterly submissions that were due April 30, July 31, Oct. 31, and Jan. 31.

Under the CARD Act, issuers are required to post the latest agreements on their websites and submit them to the bureau for inclusion in a searchable central database. The bureau said the existing process was too cumbersome for issuers and would thus be suspended while a new system is tested and put in place.

The proposal would not suspend the requirement for issuers to post agreements publicly on their own websites. Comments are due 15 days after publication in the Federal Register.

Read the proposed rule.

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