(Aug. 27, 2021) Card issuers required to supply credit card agreement terms and other data to the CFPB must make all submissions via the agency’s Collect website (collect.consumerfinance.gov) beginning in January, according to a notice providing new technical specifications for submissions.
According to the bureau, the Collect website has been available since July 2018 for those participating in the semiannual Terms of Credit Card Plans (TCCP) Survey, and 83% of survey submissions early this year were made via Collect.
The bureau outlined the website in a notice published Monday in the Federal Register.
The credit card plan submissions are made by selected card issuers under requirements of the Truth in Lending Act (TILA) and the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). Submissions include the semiannual Terms of Credit Card Plan (TCCP) Survey; quarterly credit card agreements; and annual reports related to college credit card marketing agreements and data.
In an email late last week, the bureau said card issuers will be required to use the Collect website for the following submissions on the dates noted and after:
(1) TCCP Survey data (for the Feb. 14, 2022), deadline,
(2) quarterly credit card agreement submissions (for the Jan. 31, 2022, deadline), and
(3) annual reports related to college credit card marketing agreements and data (for the March 31, 2022, deadline).
Issuers have until Nov. 1 of this year to register for Collect; those that have registered before to submit their TCCP Survey data will not need to register again.
To register, the bureau said, fill out and email the Collect registration form to [email protected]. (Download he registration form here.) 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 Collect, the CFPB said.
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(April 2, 2021) Seven policy statements issued in 2020 from late March to early June that provided temporary flexibilities to financial institutions in the areas of consumer mortgages, credit reporting, credit cards, and prepaid cards are rescinded as of April 1 (Thursday), the Consumer Financial Protection Bureau (CFPB) announced this week.
The bureau also said it was rescinding its 2018 bulletin on supervisory communications and replacing it with a revised one describing its use of matters requiring attention (MRAs) “to effectively convey supervisory expectations.” That new bulletin, 2021-01, states that “effective immediately,” the bureau will no longer use “supervisory recommendations” in these communications.
“We are now over a year into the disruptive and deadly COVID-19 crisis. The virus has affected industry as well as consumers, but individuals and families have been hardest-hit by the pandemic’s health and economic impacts,” said CFPB Acting Director Dave Uejio. “Providing regulatory flexibility to companies should not come at the expense of consumers. Because many financial institutions have developed more robust remote capabilities and demonstrated improved operations, it is no longer prudent to maintain these flexibilities. The CFPB’s first priority, today and always, is protecting consumers from harm.”
The rescinded policy statements were issued between March 26 through June 3, 2020, and temporarily provided financial institutions with flexibilities regarding certain regulatory filings or compliance with consumer financial laws and regulations. The bureau said the rescissions “reflect the Bureau’s commitment to consumer protection, and the fact that financial institutions have had a year to adapt their operations to the difficulties posed by the pandemic.”
The bureau, in its release, included links to each policy statement rescission notice and the new MRA bulletin.
Rescission of Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic (March 26, 2020)
Rescission of Statement on Supervisory and Enforcement Practices Regarding Quarterly Reporting Under the Home Mortgage Disclosure Act (March 26, 2020