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by: Jennifer Anderson-Kapke
The CFPB issued a proposal in February of this year to suspend credit card agreement submissions, as required by Regulation Z, for a year while they work on their database, has been finalized. It is the intention of the CFPB to develop an automated electronic submission system, meant to be easier than the current manual submission system.
The finalized proposal will suspend the requirement for credit card issues to send their agreements to the CFPB on a quarterly basis over the next twelve months. Prior to this final rule credit card issuers would have been required to submit agreements to the bureau by the first business day on or after April 30, July 31, and Oct. 31 of 2015, and Jan. 31, 2016. The requirement to submit your credit card agreements to the CFPB will resume on a quarterly basis beginning April 30, 2016.
To ensure the database contains the latest information, the CFPB will collect consumer credit card agreements from the largest card issuers’ public websites and post the agreements online.
Although credit unions will not be required to submit agreements to the CFPB during the upcoming year, the requirement under the 2009 Credit Card Accountability, Responsibility and Disclosure Act to post your own agreement to your public website is still in effect.
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