Additional details needed on proposed changes to CFPB information collection
CUNA joined organizations Wednesday requesting the Consumer Financial Protection Bureau (CFPB) change its request for comment regarding report of terms from credit card agreements. The CFPB issued its request to revise its existing collection but does not specify what the proposed revisions are.
The letter also notes the absence of documentation prepared to support the information request.
“The Request merely invites public comment on the necessity, utility, and burden of the existing information collection as required by the Paperwork Reduction Act (PRA) and implementing regulations,” it reads. “It is, therefore, unknown what revisions to the information collection the public should review or comment on. The CFPB should issue a supplemental notice clarifying the specific proposed revisions to the existing information collection.”
Specifically, the organizations request the CFPB:
- Issue a supplemental notice clarifying the specific proposed revisions to the existing information collection.
- Extend the comment deadline to 60 days from the date of such a supplemental notice.