CFPB Temporarily Suspends CC Issuer Submission Requirement
April 20, 2015
The CFPB temporarily put on hold a requirement that certain credit card issuers send their agreements to the bureau every quarter in order to facilitate posting on the agency’s own website. The final rule issued by the bureau last week suspends for one year credit card issuers’ obligations to submit their credit card agreements to the CFPB. 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. “During this time, the bureau will work to develop a more streamlined and automated electronic submission system,” the agency said. ...