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Wednesday, April 15, 2015

CFPB Finalizes Credit Card Agreement Submission Process

The CFPB issued a final rule temporarily suspending a requirement that each quarter certain credit card issuers send their agreements to the Bureau, which publishes them on its website. Other requirements, including card issuers’ obligations to post these agreements on their own websites, will remain unaffected by the rule.

In 2009, Congress passed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, which requires that credit card issuers post consumer credit card agreements on their websites as well as submit them to the CFPB. The CFPB maintains a public database on its website of these credit card agreements from nearly 450 card issuers. Federal regulations require that companies submit their agreements to the CFPB on a quarterly basis.

The final rule suspends for one year credit card issuers’ obligations to submit their credit card agreements. During this time, the Bureau will work to develop a more streamlined and automated electronic submission system.

Credit card issuers must resume submitting credit card agreements on a quarterly basis starting April 30, 2016.

Read more.

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