CFPB Wants to Suspend Credit Card Agreement Submissions
Last week, the Consumer Financial Protection Bureau proposed a temporary suspension to the requirement that credit card issuers submit their consumer agreements so they can be posted on the CFPB website for public access.
The CFPB wants to create a more simplistic and faster electronic submission method that will make the process easier for both the Bureau and the credit card companies.
“Streamlining the process for how credit card companies submit their agreements to us could help save time and reduce burden for both industry and our agency,” CFPB Director Richard Cordray said in a statement. “Updating this process should also give consumers and other users access to the data in a faster and more useable form.”
The new setup would temporarily suspend part of the program that requires companies to submit card agreements to the CFPB every quarter. The suspension would last for one year, giving the Bureau ample time to create a new submission system. Companies that were planning to submit agreements this year on April 30, July 31 and October 31 and on January 31, 2016 would not have to make a submission until April 30, 2016.
During the suspension, the CFPB would maintain the latest copy of the card agreements for people to access in the public database. The Bureau will discuss the proposal in more detail after March 13, 2015.