WASHINGTON—In an effort to reduce regulatory burden on FIs, the CFPB is proposing to temporarily suspend card agreement submissions to the bureau.
In a new proposal the CFPB seeks to amend Regulation Z, which implements the Truth in Lending Act, and the official interpretation to that regulation. The proposal would suspend card issuers’ obligations to submit quarterly credit card agreements to the bureau for a period of one year.
Other requirements, including card issuers’ obligations to post currently offered agreements on their own websites, would remain unaffected.
The proposal is being issued as the CFPB works to develop a more streamlined and automated electronic submission system.
Credit card issuers' submissions that would otherwise be due to the bureau by April 30, July 31 and Oct. 31 of 2015, and Jan. 31, 2016, would be suspended. Issuers would resume submitting credit card agreements on a quarterly basis starting April 30, 2016.
The CFPB is currently accepting comments.