FinCEN: Use of FinCEN Identifiers in Beneficial Ownership Information Reporting

Final Rule Summary
FinCEN: Use of FinCEN Identifiers in Beneficial Ownership Information Reporting

NASCUS Legislative and Regulatory Affairs Department
November 28, 2023

---

On November 7, 2023, FinCEN issued a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner.

Summary

A FinCEN identifier is a unique number that FinCEN will issue upon request after receiving the required information. Although there is no requirement to obtain a FinCEN identifier, doing so can simplify the reporting process and allow entities or individuals to provide the required information directly to FinCEN.

The final rule amends FinCEN’s final Beneficial Ownership Information (BOI) Reporting Rule. The amendments specifically respond to concerns from commenters that the reporting of entity FinCEN identifiers could obscure the identities of beneficial owners in a manner that might result in greater secrecy or misleading disclosures. To address this concern, the final rule provides clear criteria that must be met in order for a reporting company to report an intermediate entity’s FinCEN identifier in lieu of information about the individual beneficial owner.

Specifically, the final rule adopts the following changes:

1. To consistently refer to the entity whose FinCEN identifier the reporting company may use as “another entity” or “the other entity” rather than simply “the entity,” in order to avoid confusion with the reporting company itself; and
2. To make clear that it is an individual’s ownership interest in another entity that allows the reporting company to report the other entity’s FinCEN identifier in lieu of the individual’s information.

The final rule will be effective January 1, 2024, to align with the effective date of the BOI Reporting Rule.

NASCUS Legislative and Regulatory Affairs Department
July 10, 2023 

---

The National Credit Union Administration (NCUA) Board has published a Notice and Request for Comment Regarding NCUA Operating Fee Schedule Methodology.   NCUA is proposing to change the exemption threshold below which Federal Credit Unions (FCUs) would not be required to pay the operating fee and establish a process to update the exemption threshold in future years

Comments are due to NCUA by August 7, 2023. The proposal may be read here.

---

Background

As part of the budget process, the NCUA Board adopts an annual budget in the fall of each year to cover an “operating budget” for the costs of day-to-day operations and a “capital budget” related to estimated capital project expenditures.  Determination of the annual operating fee funding requirements are calculated by subtracting from the annual budget NCUA’s estimates for miscellaneous revenues collected, the Overhead Transfer Rate (OTR) funding of the budget, interest income, and other miscellaneous adjustments made by the Board including an estimate of unallocated prior-period operating fees collected.

Once the estimated annual operating fee funding requirements are determined, the Board approved methodology is utilized by the CFO to determine the operating fee funding requirements of each individual FCU and make the appropriate recommendation to the Board.

The FCU Act imposes three requirements on the Board related to assessing an operating fee on FCUs:

• The fee must be assessed according to a schedule or schedules, or other method that the Board determines to be appropriate, which gives due consideration to NCUA’s responsibilities in carrying out the FCU Act and the ability of FCUs to pay the fee;
• The Board must determine the period for which the fee will be assessed and the due date for payment; and
• The Board must deposit collected fees into the Treasury to defray the Board’s expenses in carrying out the FCU Act. Once collected, operating fees, “may be expended by the Board to defray the expenses incurred in carrying out the provisions of [the FCU Act,] including the examination and supervision of [FCUs].”[1]

Changes to Operating Fee Methodology and Request for Comment

Currently FCUs reporting average assets of $1 million or less during the preceding four calendar quarters are exempt from paying an operating fee.  Under the proposal, the Board would raise the average asset exemption level for FCUs to $2 million and annually adjust the exemption threshold in future years.

The inflationary adjustment, calculated as a percentage of average asset growth reported on the call reports over the previous four quarters, would be included in the operating fee calculation presented in the annual draft NCUA budget published by NCUA’s CFO.   This adjustment factor would then be factored into the threshold to determine the new asset base below which a FCU would not be assessed an operating fee by the NCUA.

The Notice states the Board believes this change would appropriately maintain its current policy of exempting the smallest natural person credit unions from paying the operating fee based on those institutions’ ability to pay the fee.

The Board is also seeking comment on whether either the three-tier operating fee schedule and its regressive approach to fee assessment remains appropriate.  While not pointing to a specific methodology, the Notice does reference whether a flat-rate schedule for all institutions over a certain exemption threshold, or another less regressive alternative is more appropriate.

Finally, the Board seeks comments on the equitable distribution of the operating fees across FCUs.  Specifically, they seek understanding on how any proposals to change the methodology can be justified as fair and equitable not only for those FCUs whose operating fee would decrease, but also those FCUs whose operating fees would increase compared to the current methodology.

---

[1]  12 U.S.C. 1755(d).

CFPB 2022-0003: Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products/Services

The Consumer Financial Protection Bureau (CFPB) is seeking comments from the public related to fees that are not subject to competitive processes that ensure fair pricing.  The submissions to this request for information will serve to assist the CFPB and policymakers in exercising its enforcement, supervision, regulatory and other authorities to create fairer, more transparent and competitive consumer financial markets.

Comments are due by March 31, 2022.  You can access the RFI here.

---

Summary

The CFPB is concerned that “exploitative junk fees” charged by banks and non-bank financial institutions have become widespread, with the potential effect of shielding substantial portions of the true price of consumer financial products/services from competition.  The Bureau is seeking information from the how such fees have impacted their lives.  The Bureau is particularly interested in hearing from individuals (including older consumers, students, servicemembers, consumers of color and lower-income consumers), social services organizations, consumer rights and advocacy organizations, legal aid attorneys, academics/researchers, small businesses, financial institutions and state/local government officials.

The Bureau has posed specific questions below.  However, the Bureau is interested in receiving any comments related to fees in consumer finance.

• If you are a consumer, please tell us about your experiences with fees associated with your bank, credit union, prepaid or credit card account, mortgage, loan or payment transfers including:
  • Fees for things you believed were covered by the baseline price of a product/service
  • Unexpected fees for a product or service
  • Fees that seemed too high for the purported service
  • Fees where it was unclear why they were charged
• What types of fees for financial products/services obscure the true costs of the product/service by not being built into the upfront price?
• What fees exceed the cost to the entity that the fee purports to cover? For example, is the amount charged for NSF fees necessary to cover the cost of processing a returned check and associated losses to the depository institution?
• What companies or markets are obtaining significant revenue from backend fees, or consumer costs that are not incorporated into the sticker price?
• What obstacles, if any, are there to building fees into up-front prices consumers shop for? How might this vary based on the type of fee?
• What data and evidence exist with respect to how consumers consider back-end fees, both inside and outside of financial services?
• What data and evidence exist that suggest that consumer do, or do not, understand fee structures disclosed in fine print or boilerplate contracts?
• What data and evidence exist that suggest consumers do or do not make decisions based on fees, even if well disclosed and understood?
• What oversight and/or policy tools should the CFPB use to address the escalation of excessive fees or fees that shift revenue away from the front-end price?

LTCU: (21-CU-13) Subordinated Debt Final Rule Effective January 1, 2022 
November 2021

NCUA’s LTCU was issued to reminder to FICUs that the final subordinated debt rule (NASCUS summary here) becomes effective on January 1, 2022. The final rule amends various parts of the NCUA ’s regulations to permit low-income designated credit unions, complex credit unions, and new credit unions to issue subordinated debt for purposes of regulatory capital treatment.

For low-income designated credit unions (LICUs) any secondary capital issuances occurring after January 1, 2022, will be subject to the requirements of the final rule including re-approval pursuant to the subordinated debt rule.

NCUA is considering a rule change that would allow LICUs to issue secondary capital under a plan approved in 2021, irrespective of the date of issuance, provided such issuances are to the United States government or one of its subdivisions. NCUA will likely finalize this rule change before December 31, 2021.

NCUA recommends LICUs planning on submitting a secondary capital plan to take advantage of the current rules do so as soon as possible given the 45-day review period. LICUs may also wish to consider submitting plans pursuant to the subordinated debt rules taking effect on January 1, 2022 to avoid having to resubmit a plan if their submission is not approved prior to that date.

LTCU 21-CU-12 Internal Revenue Service’s Volunteer Income Tax Assistance Program Collaboration Opportunities 

November 2021

Credit unions have until November 15, 2021, to contact the Internal Revenue Service (IRS) to inquire about participating in the IRS’ Volunteer Income Tax Assistance (VITA) program ([email protected]).

The VITA program provides education for consumers on refundable credits, such as the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC). Credit unions may participate in the VITA program by:

• Promoting the VITA program and eligibility requirements through social media, member statements, and/or hosting links to the VITA Locator Tool, and/or the IRS Free File;
• Providing space and equipment at credit union facilities for members to prepare their own tax returns; and
• Hosting IRS-certified volunteers onsite at the credit union to assist members.

NCUA notes that for credit unions, the benefits of participating in the VITA program include:

• Potential to attract new members,
• Asset and wealth building opportunities for members,
• Greater financial education and financial stability among members,
• Opportunities to partner with other community-based organizations,
• Increased membership benefit offerings/potential increased membership loyalty,
• Continuing professional education credits for qualified VITA-trained volunteers,
• Free income tax preparation software or online access for credit unions and their members.

Credit union interested in participating in VITA program can learn more about the program at IRS Partner and Resource Center and Volunteer Site Coordinator Handbook. Interested credit unions should review their operations and strategic plans to determine if the program is a good fit that credit union.  Grants and other funding resources are available from NCUA and IRS.

Final Rule Summary: FCU CUSOs (Parts 712)
October 2021

Prepared by NASCUS Legislative & Regulatory Affairs Department

NCUA has issued a final rule related to federal credit union (FCU) credit union service organizations (CUSOs). NCUA’s final rule expands the list of permissible activities and services for CUSOs to include the origination of any type of loan that a FCU may originate and grants NCUA additional flexibility to approve permissible activities and services.

NCUA had also solicited comments in the proposed rule about whether to allow FCUs to invest in certain non-CUSO entities. NASCUS supported so doing, and NCUA noted NASCUS’s recommendation to allow FCUs to invest in certain federally insured state credit union (FISCU) CUSOs without those CUSOs then being subject to NCUA’s CUSO rule’s permissible activities provisions (those provisions do not currently apply to FISCU CUSOs). While not included in this final rule, NCUA did note it would consider that change at a later date.

The CUSO final rule may be read here. The rule becomes effective November 26, 2021.

The NCUA Board vote to approve the rule was a 2-1 vote. Competing views of the proposal are reflected in the enclosed statements by NCUA Chairman Harper (opposed)  and NCUA Board member Hood (in favor).

---

Summary

• FCU CUSOs may now originate any type of loan that an FCU may originate.

NCUA will now permit FCU CUSOs to originate any type of loan that an FCU may originate. Prior to this rule change, FCU CUSOs were only permitted to make business, consumer mortgage, student, and credit card loans. NCUA limited FCU CUSO lending for the following reasons:

1. FCU CUSOs may serve customers who are not members of a credit union and NCUA was concerned FCUs would then be profiting from non-members.
2. NCUA believed if the FCU CUSO was making member loans, NCUA would have a duty to examine those loans.
3. NCUA believed permitting FCU CUSOs to engage in a core credit union function could negatively affect affiliated credit union services.

NCUA cites the following mitigating factors for lifting the previous limitations:

1. Although NCUA lacks 3^rd party authority, FCUs may only lend or invest 1% of their paid-in and unimpaired capital and surplus, into their CUSOs (aggregate).
2. Part 712.3(d) requires all FICUs that own CUSOs to stipulate by contract that NCUA has access to the CUSOs books and records.
3. NCUA has broad investigative subpoena authority that agency staff can use to obtain records and testimony in certain extraordinary circumstances if needed.
4. That most FCU CUSO loans are sold to FICUs which in turn are subject to examination and enforcement.
5. The fact that 72% of natural person credit union CUSOs are wholly owned giving NCUA leverage over the FICU owner.

In addition to permitting a FCU CUSO to originate any type of a loan a FCU may make, FCU CUSOs are now permitted to purchase, sell, and hold any type of loan permissible for FCUs to purchase, sell, and hold. Under the final rule, FCU CUSO originated loans are not subject to the same restrictions as loans originated by FCUs. However, an FCU may not purchase a loan from a CUSO unless the loan meets the requirements of the NCUA’s eligible obligations rule. Similarly, an FCU may not purchase a loan participation from a CUSO unless it complies with the NCUA’s loan participations rule

With respect to loan participations, the final rule permits FCU CUSOs to purchase and sell only participation interests that are permissible for FCUs to purchase and sell.

• All FCU CUSO loan originations are now considered complex or high risk and subject to the enhanced reporting requirements pursuant to the CUSO registry.

Under the current CUSO rule, a CUSO must submit an annual report to NCUA for inclusion in the CUSO registry. CUSOs that are engaged in complex or high-risk activities have enhanced reporting obligations for the registry. Pursuant to § 712.3(d)(4) complex or high-risk CUSOs must agree to include in their report:

1. A list of services provided to certain credit unions;
2. the investment amount, loan amount, or level of activity of certain credit unions;
3. the CUSO’s most recent year-end audited financial statements;
4. the total dollar amount of loans outstanding;
5. the total number of loans outstanding;
6. the total dollar amount of loans granted year-to-date; and
7. the total number of loans granted year-to-date.

NCUA will now classify all lending by CUSOs as complex/high risk subject to the above reporting.

• New authorities for FCU CUSOs will be authorized by publication on NCUA website

Permissible activities for a FCU CUSO are listed in § 712.5 and have before now required notice and comment rulemaking before being changed. In contrast, NCUA’s corporate credit union CUSO rules in § 704 allowed NCUA to add permissible activities for corporate credit unions by simply publishing the new authorities on the NCUA website.

Under the final rule, NCUA will now amend permissible activities for FCU CUSOs by publishing the new authorities on the NCUA website. NCUA is reserving the right to use notice and comment for “novel” authorities in the future. NCUA will also use notice and comment before removing authorities.

Final Rule Summary: CAMELS Rating System (Parts 701, 703, 704, 713)
October 2021

Prepared by NASCUS Legislative & Regulatory Affairs Department

NCUA is updating the NCUA’s supervisory rating system from CAMEL to CAMEL”S” by adding the ‘‘S’’ (Sensitivity to Market Risk) component to the existing CAMEL rating system and redefining the ‘‘L’’ (Liquidity Risk) component. The other federal bank regulators have been using the CAMELS rating system since 1997 and over half of state credit union regulators already use CAMELS rather than the NCUA CAMEL system to more precisely measure interest rate risk (IRR).

NCUA will implement the addition of the ‘‘S’’ rating component and a redefined ‘‘L’’ rating for examinations and contacts started on or after April 1, 2022.

The CAMELS final rule may be read here. The rule becomes effective April 1, 2022.

---

Summary

NCUA adopted the CAMEL rating system in 1987 to reflect the significant financial, operational, and management factors that examiners assess in their evaluation of a credit union’s performance and risk profile. NCUA is now updating the agency’s supervisory rating system from CAMEL to CAMELS by adding the ‘‘S’’ component to the existing CAMEL rating system to evaluate sensitivity to market risk and adding new rating criteria and evaluation factor examples.

---

“S” Rating Description

---

Modifying the ‘‘L’’ Component

Now that NCUA will adopt the CAMELS rating system, the agency will redefine the “L” component to focus exclusively on liquidity.

---

Technical Amendments

Several provisions of NCUA’s rules specifically reference the CAMEL (no “S”) and will be updated to reflect the new CAMEL”S” and the refined narratives. The following provisions will be amended by replacing “CAMEL” with “CAMELS.”

NCUA Risk Alert: 21-RISK-01 Business Email Compromise through Exploitation of Cloud-Based Email Services

October 2021

NCUA issued Risk Alert 21-Risk-01 to provide credit unions a warning regarding a common Business Email Compromise (BEC) scam and tips on mitigations measures to counter BEC fraud and wire transfer fraud.

Business Email Compromise

In one of the most effective types BEC scams, cybercriminals use phishing kits that impersonate popular cloud-based email services to compromising victim email accounts in search of information on financial transactions. Cybercriminal will often reconfigure victim’s mailboxes to delete key messages or forward key messages. Using information gathered from compromised accounts, cybercriminals impersonate email between compromised businesses and third parties to request pending or future payments be redirected to fraudulent bank accounts.

Cybercriminals will use compromised email accounts to also identify new targets for phishing and therefore a successful email account compromise at one business can affect multiple victims associated with the account.

Prevent Business Email Compromise Fraud

NCUA provides credit unions the following tips to help prevent BEC fraud:

Prevent Wire Transfer Fraud
Cybersecurity threats resulting in wire transfer fraud are increasing and NCUA notes it is essential to ensure that proper wire controls are in place.

Report and Recover Funds from Business Email Compromise Fraud

Credit unions that identify BEC or a wire transfer fraud should:

• File a complaint with the FBI
• Contact their wiring originating financial institution as soon as possible to request a recall or reversal and initiate a Hold Harmless Letter or Letter of Indemnity with the receiving financial institution
• Follow FinCEN guidance for filing Suspicious Activity Reports on BEC incidents

Additional information on BEC is available at the FBI’s Internet Crime Complaint Center Business Email Compromise webpage. Additional information on authentication is available from FFIEC: Authentication and Access to Financial Institution Services and Systems

LTCU 21-CU-10 Interagency Statement on LIBOR Transition
October 2021

NCUA issued LTCU 21-CU-10 to follow-up on Letter to Credit Unions 21-CU-03, LIBOR Transition (NASCUS summary here) and make credit unions aware of a Joint Statement issued by state and federal bank and credit union regulators outlining supervisory expectations related to bank and credit union transition away from LIBOR. NCUA reiterates its expectations that all FICUs transition away from using U.S. dollar LIBOR as a reference rate as soon as possible, but no later than December 31, 2021, and to ensure existing contracts have robust fallback language that includes a clearly defined alternative reference rate.

---

The Joint Statement by the state & federal regulators reminds institutions that Failure to adequately prepare for the end of LIBOR could create safety and soundness issues and increase litigation, operational, and consumer protection risks. Other supervisory considerations detailed in the Joint Statement include:

1. Clarification on the meaning of new LIBOR contracts – Financial institutions should be careful about entering into new contracts before December 31, 2021, that create additional LIBOR exposure for a supervised institution or extends the term of an existing LIBOR contract. New contracts should either use a reference rate other than LIBOR or have fallback language that provides for use of a strong and clearly defined alternative reference rate after LIBOR’s discontinuation.
2. Considerations when assessing the appropriateness of alternative reference rates Institutions must conduct the due diligence necessary to ensure that alternative rate selections are appropriate for their products, risk profile, risk management capabilities, customer and funding needs, and operational capabilities.
3. Expectations for fallback language – Institutions should identify all existing contracts that reference LIBOR and lack adequate fallback language. As noted above, all future contracts should consider fallback language in the event the initial benchmark is discontinued.
4. Additional considerations – Institutions are encouraged to take the following actions as they prepare for the LIBOR transition:
   • develop and implement a transition plan for communicating with consumers, clients, and counterparties
   • ensure systems and operational capabilities will be ready for transition to a replacement reference rate after LIBOR’s discontinuation

LTCU 21-CU-11 Emergency Capital Investment Program

October 2021

NCUA issued LTCU 21-CU-11 to address the agency’s reconsideration of its position with respect to LICU ability to participate in the Treasury Department’s Emergency Capital Investment Program’s (ECIP) issuance of 30-year subordinated debt instruments. NCUA also provided credit unions a copy of the Supervisory Letter issued to NCA examiners on the subject (SL No. 21-02 Emergency Capital Investment Program).

NCUA has, in its words, “recalibrated its position” and will now allow LICUs participating in the ECIP to accept 15-year or 30-year subordinated debt investments from the ECIP (but will only receive a maximum of 20 years capital treatment).

LICUs that have already had their secondary capital plans approved by NCUA for issuances under the ECIP have 30 days from October 20, 2021, to notify their respective NCUA Regional Office and SSA in writing of the following:

• The stated maturity of the ECIP subordinated debt note chosen (15 or 30 years)
• The length of regulatory capital treatment for the ECIP issuance (max 20 years)

The written notification must also contain a statement indicating that the credit union will not materially deviate from the strategies outlined in the previously approved secondary capital plan. If a credit union chooses a maturity that is longer than the maturity used in the originally approved secondary capital plan and must materially deviate from the previously approved plan’s strategies, than a new plan must be submitted pursuant to 12 C.F.R. §741.204(c).

Finally, NCUA notes that it is considering a rule change that would extend the starting period of the 20 years for ECIP issuances to the later of the date of issuance or January 1, 2022. (See the proposed rule and NASCUS’s summary and comment letter here).

 Proposed Rule: Subordinated Debt

Prepared by NASCUS Legislative & Regulatory Affairs Department
October 2021

---

NCUA is proposing changes to the Subordinated Debt rule taking effect on January 1, 2022, to accommodate the Treasury Department’s Emergency Capital Investment Program (ECIP). If finalized, the rule would amend the definition of ‘‘Grandfathered Secondary Capital’’ to include:

• Any secondary capital issued to the United States Government or one of its subdivisions (U.S. Government), under an application approved before January 1, 2022, irrespective of the date of issuance.

This change would allow low-income credit unions (LICUs) that are either participating in the ECIP or other government programs that can be used to fund secondary capital, even if they do not receive the funds for such programs by December 31, 2021. NCUA would also extend the expiration of regulatory capital treatment for these issuances to the later of 20 years from the date of issuance or January 1, 2042.

The proposal may be read here. Comments are due to NCUA on October 28, 2021.

---

Summary

Upon its effective date on January 1, 2022, the Subordinated Debt final rule (Sub Debt rule) would generally require secondary capital issuance to comply with the requirements for Subordinated Debt.

Grandfathered Secondary Capital

The Sub Debt rule grandfathers secondary capital issued before January 1, 2022, allowing it to receive regulatory capital treatment until January 1, 2042 (20 years from the effective date of the final rule) and allowing the secondary capital to be subject to the requirements of current § 701.34(b), (c), and (d) (recodified as § 702.414 in the Sub Debt rule), rather than the requirements of the final rule.

Under the Sub Debt rule, any issuances of secondary capital not completed by January 1, 2022, must comply with the new final rule as of January 1, 2022. This means any approved secondary capital applications would be nullified if the associated issuance was not completed before January 1, 2022.

Treasury’s Emergency Capital Investment Program

After the Sub Debt rule was finalized, Congress passed the Consolidated Appropriations Act, 2021 which, among other things, created the ECIP. Under ECIP, the Treasury Department will make investments in ‘‘eligible institutions’’ to support their efforts to provide financial assistance to small businesses, minority-owned businesses, and consumers. FICUs that are minority depository institutions or community development financial institutions qualify as eligible institutions. The investments to be made by the Treasury Department would be in the form of subordinated debt and were designed to align with the FCUA and NCUA’s secondary capital rules.

Treasury’s ECIP application process has been delayed several times. As a result, it is likely that LICUs that applied for ECIP funds would receive those funds AFTER the January 1, 2022, Sub Debt rule deadline and therefore would not be able to use those funds as regulatory capital without a change the Sub Debt rule.

Proposed Rule

The proposed rule would permit funding of secondary capital approved under the current rule, beyond 2021, without the need to reapply under the Subordinated Debt rule for ECIP or other government programs if the issuance:

• is being conducted under a secondary capital application that was approved before January 1, 2022, under either § 701.34 (FCUs) or § 741.203 (FISCUs) but the funds are dispersed after January 1, 2022

Other important aspects of the proposed change include:

1. A LICU operating under an approved secondary capital plan may only conduct those capital issuances in accordance with the terms & conditions of the plan.
2. Any LICU that receives an investment from the U.S. Government that is less than the amount approved under its secondary capital application with the NCUA would be limited to only that lesser investment and would not be permitted to use the proposed exception to conduct subsequent issuances.
3. If a LICU receives a lesser investment amount, the NCUA reserves the right to revisit the LICU’s approved plan to verify that the LICU continues to operate in accordance with that plan.

NCUA is also proposing to amend the starting point for Grandfathered Secondary Capital to retain its status as Regulatory Capital. Currently, the Subordinated Debt rule states that all Grandfathered Secondary Capital will be treated as regulatory capital until January 1, 2042. To accommodate ECIP funds that may be disbursed AFTER January 1, 2022, NCUA would allow such secondary capital to count as regulatory capital for up to 20 years from the date of issuance.

21-RA-09 CFPB Issues New Specifications for its Collect Website Relating to Credit Card Data Submission
October 2021

On August 20 the CFPB issued new technical specifications for complying with credit card agreement and data submission requirements under TILA and the Credit Card Accountability Responsibility and Disclosure Act of 2009 through the

CFPB’s Collect website. To use the website, credit unions must complete the Collect registration form and send it to Collect [email protected].

Registration

1. Credit unions that are selected to participate in the TCCP Survey or are required to submit an annual report of college student credit card agreements pursuant to 12 CFR 1026.57(d)may register now.
2. Credit unions with 10,000 or more credit card accounts as of any quarter-end is required to make quarterly credit card submissions to the CFPB pursuant to 12 CFR 1026.58(c)and must register for Collect by November 1, 2021.

Once a credit union receives its login credentials, it will be able to review its current submissions and make the required submissions for Q4 2021 starting on December 1.

The CFPB is in the process of updating and publishing resources to help card issuers use Collect. For more resources for quarterly credit card agreement submissions and annual reports related to college credit card marketing agreements and data see the CFPB website here.

Upcoming Submission Deadlines

Requirement	Submission Date
Quarterly credit card agreement submissions	January 31, 2022
Terms of Credit Card Plans (TCCP) Survey data	February 14, 2022
Annual reports related to college credit card marketing agreements and data	March 31, 2022