CFPB Proposes Suspending TILA Requirement for CC Issuers
March 9, 2015
Issuers of open-end credit cards would get a one-year break from the Truth in Lending Act/Regulation Z requirement to forward their credit card agreements to the CFPB on a quarterly basis for posting in a public database on the agency’s website, under a proposed rule the bureau issued recently. The proposal would temporarily suspend card issuers’ obligations to submit agreements to the bureau for a period of one year (i.e., four quarterly submissions), in order to reduce burden while the bureau works to develop a more streamlined and automated electronic submission system. Other requirements, including card issuers’ obligations to post currently offered agreements on their own websites, would be unchanged under the proposal. “The bureau recognizes that its proposed temporary ...
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