CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » CUNA Letter to CFPB on Credit Card Agreements
Press

CUNA Letter to CFPB on Credit Card Agreements

May 2, 2018

FOR IMMEDIATE RELEASE 

 CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; lwilliams@cuna.coop           

 Washington, DC (April 30, 2018) – Today, Credit Union National Association sent this letter to the Bureau of Consumer Financial Protection (BCFP) regarding its request to the Office of Management and Budget (OMB) to allow the Bureau to continue collecting certain documents from credit card issuers for public disclosure on the their website. Specifically, card issuers must submit to the Bureau: (1) agreements between the issuer and consumer for a consumer credit card account; and (2) any college credit card agreements to which the issuer is a party and certain additional information regarding those agreements.

“While at first very onerous, since credit unions have been complying with these requirements for the better part of the past decade, the compliance burden has declined,” the letter reads. “We acknowledge the benefit to consumers of being able to easily access the Bureau’s website to review and compare credit card agreements across all issuers. To ensure agreements are submitted on a timely basis, we ask the CFPB to send quarterly reminders to card issuers.”

While the Bureau’s request for comment focuses on the collection of credit card agreements, CUNA used the letter as an opportunity to reiterate concerns regarding credit card disclosures. CUNA encourages the Bureau to explore the overall effectiveness of credit card disclosures, as well as ways in which disclosures, including those mandated by the CARD Act, that can be simplified. The CFPB has acknowledged, and the association agrees, that overly complex disclosures are less effective in informing consumers about the terms of a financial product.

The letter further requests that the CFPB continue to look for ways to improve disclosures as they relate not only to the consumer but also to affected financial institutions.

### 
 
About CUNA  
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.  

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • House passes CUNA, League-led board modernization bill

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Key committee leaders supportive of credit union priorities

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us