WASHINGTON—The Consumer Financial Protection Bureau is issuing new technical specifications for complying with credit card agreement and data submission requirements under the Truth in Lending Act (TILA) and the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act).
According to the CFPB, credit card issuers will use the Bureau’s “Collect” website to submit:
- Terms of Credit Card Plans (TCCP) Survey data
- Quarterly credit card agreement submissions
- Annual reports related to college credit card marketing agreements and data
The Bureau is still updating resources to help card issuers use the new system, noted CUNA.
More information can be found here.