WASHINGTON (4/4/16)--Credit card issuers have until May 2 to submit their card agreements to the Consumer Financial Protection Bureau (CFPB), as the one-year suspension of the requirement ended April 1. The CFPB suspended the quarterly submission in April 2015 as it developed a streamlined database of the agreements.
The agreements are already required to be posted on an issuer’s public website, and issuers must also submit their name, address and unique identifying number for the issuer, such as the RSSD ID. Issuers can e-mail a link to the webpage containing the agreement in lieu of a PDF attachment of the agreements, a step taken by the bureau to alleviate the submission burden.
The Credit Union National Association (CUNA) supported this change from the CFPB as a much-needed piece of regulatory relief.
Card issuers with fewer than 10,000 open credit card accounts as of the last business day of the calendar quarter are not required to submit any agreements to the CFPB.
Submissions can also be sent to CardAgreements@consumerfinance.gov. According to the CFPB, more information will be posted on its website, as well as in the Federal Register in the coming days.
For more information on the issue, see recent entries in CUNA’s CompBlog. For the latest information on compliance issues, including discussion boards with compliance professionals around the country, see CUNA’s Compliance Community.