Last Friday, the CFPB provided information on new data submission requirements for uploading credit card agreements to the CFPB. We have reprinted the bulletin below for your convivence.
Credit card issuers who are required to make quarterly credit card submissions to the Bureau pursuant to 12 CFR 1026.58(c) – 10,000 or more open credit card accounts as of the last business day of the calendar quarter, must register for Collect by Nov. 1.
Once card issuers receive their login credentials, starting on Dec. 1, they will be able to review their current submissions and make the required submissions for the fourth quarter of calendar year 2021 using the CFPB’s Collect website.
Friday, August 20, 2021:
Today the Bureau issued new technical specifications for complying with credit card agreement and data submission requirements under TILA and the CARD Act (Regulation Z). Credit card issuers will use the Bureau’s “Collect” website to submit the following data to the Bureau, starting with listed submission dates and into the future: (1) Terms of Credit Card Plans (TCCP) Survey data (for the February 14, 2022 deadline), (2) quarterly credit card agreement submissions (for the January 31, 2022 deadline), and (3) annual reports related to college credit card marketing agreements and data (for the March 31, 2022 deadline).
To use Collect, card issuers must fill out and email the Collect registration form to Collect_Support@cfpb.gov. The registration form can be downloaded here. Issuers who are selected to participate in the TCCP Survey or are required to submit an annual report pursuant to 12 CFR 1026.57, may begin registering for Collect today. Issuers who participate in the TCCP Survey who have registered for Collect in the past do not need to register again.
Credit card issuers who are required to make quarterly credit card submissions to the Bureau pursuant to 12 CFR 1026.58(c) must register for Collect by November 1, 2021. Once card issuers receive their login credentials, starting on December 1, 2021, they will be able to review their current submissions and make the required submissions for the fourth quarter of calendar year 2021 using Collect. For more details, you can view the technical specifications here.
The Bureau is in the process of updating and publishing resources to help card issuers use Collect. You can access existing TCCP Collect resources here. At a later date, the Bureau will publish resources for the quarterly credit card agreement submissions and annual reports related to college credit card marketing agreements and data here.
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