CFPB Wants to Suspend Credit Card Agreement Submissions

CFPB Wants to Suspend Credit Card Agreement Submissions

March 4, 2015         Written By Natalie Rutledge

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.

The information contained within this article was accurate as of March 4, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at
View all posts by Natalie Rutledge
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus