CFPB Finalizes Rule Aimed At Improving Credit Card Agreement Submission Process

cfpb

CFPB Finalizes Rule Aimed At Improving Credit Card Agreement Submission Process
– Bureau to Temporarily Suspend Card Issuers’ Obligation to Submit Credit Card Agreements

FOR IMMEDIATE RELEASE: April 15, 2015

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) issued a final rule aimed at improving the way that companies submit consumer credit card agreements to the Bureau. The rule temporarily suspends a requirement that each quarter certain credit card issuers send their agreements to the Bureau, which publishes them in a public database on its website. Other requirements, including card issuers’ obligations to post these agreements on their own publicly available websites, will remain unaffected by today’s rule.

“Today we are finalizing a rule that will help further the Bureau’s work to improve the public credit card agreements database,” said CFPB Director Richard Cordray. “Updating and streamlining the process for how credit card companies submit their agreements to us can benefit industry and our agency. Improving this process can also enable consumers and others to access the data faster and in a more useable form.”

In 2009, Congress passed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, which requires that credit card issuers post consumer credit card agreements on their websites as well as submit those agreements to the CFPB. These agreements feature general terms and conditions, pricing, and fee information. The CFPB maintains a public database on its website of these credit card agreements from nearly 450 card issuers. Federal regulations require that companies submit their agreements to the CFPB on a quarterly basis.

The final rule issued by the Bureau today suspends for one year credit card issuers’ obligations to submit their credit card agreements to the Bureau. During this time, the Bureau will work to develop a more streamlined and automated electronic submission system. The Bureau intends for its new submission system to be easier for issuers to use than the current manual submission system. The CFPB also intends for the new system to enable faster posting of new and revised agreements on the Bureau’s website. In designing the new system, the Bureau also intends to explore improved reporting formats for the posted information.

Under the rule, 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 October 31 of 2015, and January 31, 2016. Credit card issuers must resume submitting credit card agreements on a quarterly basis to the Bureau starting on April 30, 2016.

During the temporary suspension period, the CFPB will collect consumer credit card agreements from the largest card issuers’ public websites and post the agreements to its online consumer credit card agreements database. This will help ensure that the database contains agreement terms that are currently offered to consumers by credit card issuers responsible for the substantial majority of existing and new credit cards in the U.S.

The rule is available here: http://files.consumerfinance.gov/f/201504_cfpb_final-rule_credit-card-collection-suspension.pdf

CONTACT: Office of Communications – Tel: (202) 435-7170

No Author Biography has been linked to this Article.

Related Articles

Molly Pro picture
June 26, 2022
Consider if you will that your client has just filed a Chapter 13 Bankruptcy. They have intelligently chosen to surrender a luxury item - a boat or 4-wheeler or even that extra vehicle they don’t need. Because the creditor would like to preserve the value of the collateral by obtaining possession quickly, they file a Motion for Relief shortly after...
Members
March 31, 2019
By Wm. Houston Brown, United States Bankruptcy Judge (Retired) Lien Modification - Modification of mortgage on mixed-use property. Reviewing the split of authority on whether a Chapter 13 debtor may modify a mortgage on property used for both business and residential purposes and when the use determination is made, the bankruptcy court adopted the filing date as the appropriate time...
Members
February 10, 2019
Jan M. Sensenich graduated from Windham College in Putney, Vermont in 1978 and Vermont Law School in 1983. He served as Core Faculty Member and Director of the Woodbury College Legal Clinic from 1983 to 1987and from 1990 to 1992. Jan was an Associate with Jerome I. Meyers, P.C. from 1987 to 1990 when he opened his own practice concentrating...
May 5, 2019
By Henry E. Hildebrand, III, Chapter 13 Standing Trustee (Nashville, TN) Section I. Student Loans, Part II – Suggested Regulatory and Judicial Changes In our last installment of the Academy Report on the ABI Commission on Consumer Bankruptcy we dealt with the ABI Commission’s suggested statutory modifications which could address some of the problems facing borrowers confronted with substantial student...
Members
December 27, 2020
By Henry E. Hildebrand, III, Chapter 13 Trustee for the Middle District of Tennessee (Nashville) Section 506(d) does not allow the voiding of a lien when the underlying claim, filed by the debtor, has been disallowed; when notice is provided to a corporation it must be addressed to the individual who holds the office of an officer, manager, or general...
Members
January 10, 2021
By Rachel Jones, Staff Attorney to Chapter 13 Standing Trustee Chris Micale, Western District of Virginia (Roanoke) The events of 2020 have had a devastating impact on the very low-income population. The working poor are struggling, particularly those working in sectors such as hospitality and tourism. State and Federal funding and local programs such as food banks and community action...
Copy of Hildebrand-2016
August 14, 2022
Where a stipulation of a settlement of an objection to confirmation provided that a creditor’s claim would be “excepted from discharge pursuant to 11 U.S.C. § 523(a)(6)”, the stipulation would not prevent the discharge of the claim based upon a breach of fiduciary duty, tortious interference with business relations, unfair competition, defamation, and conversion which resulted in a state jury...
Members
February 24, 2019
By Cathy Moran, Esq. (Redwood City, CA) We all get sucked in, at some time, to try and rescue a Chapter 13 bankruptcy case gone bad. Make sure that you don’t let a bad situation get worse. Get your arms around §109(g). When only a do-over will do, don’t wait around. No Payments for Months The debtor came to me...
Members
October 6, 2019
By Jan Hamilton, Chapter 13 Standing Trustee (Topeka, KS) Click here for Part One Click here for Part Two What needs to be in a plan filed in a case under the SBRA? Start with the statute…1 A. Contents of Plan2 Comparison of “Contents . . . It looks like you are not signed in or registered! This content is...
Members
April 14, 2019
By William J. Purdy, III, Simmons & Purdy (Soquel, CA) Hundreds of thousands of taxpayers in the past few weeks have looked at or at least thought about, Form 1099-A or Form 1099-C documents they have received. Some arrived in the tax year a debt was allegedly cancelled. Others are issued by financial instructions many years after they should have...
Members

Looking to Become a Member?

ConsiderChapter13.org offers a forum to advance continuing education of consumer bankruptcy via access to insightful articles, informative webinars, and the latest industry news. Join now to benefit from expert resources and stay informed.

Webinars

These informative sessions are led by industry experts and cover a range of consumer bankruptcy topics.

Member Articles

Written by industry experts, these articles provide in-depth analysis and practical guidance on consumer bankruptcy topics.

Industry News

The Academy is the go-to source for the latest news and analysis in the Chapter 13 bankruptcy industry.

To get started, please let us know which of these best fits your current position: