ARLINGTON, Va.—The CFPB is making it simpler for card issuers to submit their credit card agreements to the Bureau for posting to the agency’s website.
NAFCU thanked the Bureau for the move.
“NAFCU appreciates the CFPB’s effort to provide credit unions with more flexibility when submitting their currently-available credit card agreements to the Bureau,” said NAFCU Regulatory Affairs Counsel Alexander Monterrubio. “We will continue to encourage the bureau to proactively identify areas where technology can be better used to streamline compliance requirements and minimize regulatory burden.”
According to its instructions, the CFPB is accepting emailed links or web page addresses of the consumer credit-card agreements currently offered by card issuers. The agreements being sent to the bureau should match those on card issuers’ public websites.
In April 2015, the bureau suspended the submission obligation for a period of one year. That suspension has expired, and the next submission is due from issuers on May 2, 2016.
Quarterly submission dates for the remainder of the year will be Aug. 1 and Oct. 31.