CFPB suspends card agreement submissions

April 15, 2015
WASHINGTON (4/16/15)--The Consumer Financial Protection Bureau (CFPB) has finalized its rule suspending quarterly submissions of credit card agreements to the bureau. According to the bureau, it intends to develop a streamlined database of the agreements in the one-year period that submissions are suspended.
CUNA submitted a comment letter to the CFPB on the proposal in March, expressing support for the proposal, as well as for any other regulatory changes aimed at reducing compliance burdens on credit unions.
Credit card issuers will not be required to submit agreements that would otherwise have been due to the bureau by the first business day on or after April 30, July 31, and Oct. 31 of 2015, and Jan. 31, 2016. Credit card issuers must resume submitting credit card agreements on a quarterly basis to the CFPB starting April 30, 2016.
To ensure the database contains the latest information, the CFPB will collect consumer credit card agreements from the largest card issuers' public websites and post the agreements online.
Other requirements, including card issuers' obligations to post these agreements on their own publicly available websites, will remain unaffected by the rule.
The CFPB also issued a final interpretive rule Wednesday with guidance on how to provide mortgage applicants with a list of local homeownership counseling organizations. The rule also includes guidance on qualifications for providing high-cost mortgage counseling and for lender participation in such counseling.
Housing counselors can provide advice on buying a home, renting, defaults, foreclosures and credit issues.
Lenders looking to build their own lists of local counselors can refer to the CFPB's online tool for locating them.