CUNA: Card agreement submissions easier, reminders helpful

The Bureau of Consumer Financial Protection should send quarterly reminders about submitting credit card agreements, CUNA wrote to the bureau Monday. CUNA’s letter was sent in response to a bureau request to the Office of Management and Budget to continue collecting certain documents from credit card issuers.

Card issuers are required under the CARD Act to submit to the bureau agreements between issuers and consumers, as well as any college credit card agreements to which the issuer is a party.

“While at first very onerous, since credit unions have been complying with these requirements for the better part of the past decade, the compliance burden has declined,” the letter reads. “We acknowledge the benefit to consumers of being able to easily access the bureau’s website to review and compare credit card agreements across all issuers. To ensure agreements are submitted on a timely basis, we ask the CFPB to send quarterly reminders to card issuers.”


continue reading »