WASHINGTON—CUNA and NAFCU have joined several trades on a letter to the CFPB regarding the Bureau’s request for comment on the Paperwork Reduction Act as it relates to the collection of credit card terms.
The letter requests that the Bureau issue a supplemental notice that clarifies the specific proposed revision to the existing information collection. The letter also asks the CFPB to extend the comment deadline to 60 days from the date of that supplemental notice.
In addition, the letter asks the CFPB to clarify who the selected issuers are, how the Bureau intends to calculate the median APR, what that median APR would mean for consumers, and what the credit score tiers might be.
Comments on the Paperwork Reduction Act notice are due Oct. 17.
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