CFPB announces new tech specifications for reporting credit card agreements
August 20, 2021
The Consumer Financial Protection Bureau (CFPB) announced Friday that the agency is issuing new technical specifications for complying with credit card agreement and data submission requirements under the Truth in Lending Act (TILA) and the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act).
Credit card issuers will use the Bureau’s “Collect” website to submit:
Terms of Credit Card Plans (TCCP) Survey data,
Quarterly credit card agreement submissions,
Annual reports related to college credit card marketing agreements and data.
The Bureau is still updating resources to help card issuers use the new system, and more information can be found here.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
