Last year the CFPB suspended the requirement to submit credit card agreements to the Bureau.  This temporary suspension is expiring at the end of April, and credit unions that have more than 10,000 credit card accounts will need to begin submitting their agreements quarterly, with the first due to the Bureau on or before May 2, 2016.

The submittal suspension was for the CFPB to improve the reporting process.  The CFPB has attempted to alleviate the submission burden by allowing issuers to email webpage links in lieu of a PDF attachment of the agreement.  The credit agreements an issuer is required to submit are the same agreements that are required to be posted on the institution’s public website, so a link to that page is probably the fastest and easiest way to submit.  The only other required information for the submission is the name and address of the issuer that offers the product plus a unique identifying number for the issuer, such as a DUNS or RSSD number.

Dates:

Submissions may be sent to CardAgreements@consumerfinance.gov and are due on or before May 2, 2016.

For more information, instructions will be posted on www.consumerfinance.gov and will be posted in the Federal Register.

NWCG will update this post when the instructions are available.