WASHINGTON–The CFPB is proposing that there be more participants involved and more data captured as part of its annual survey of credit card issuers.
The proposal is out for public comment through Oct. 17.
The Bureau announced its proposed renewal and expansion of its “Report of Terms of Credit Card Plans (Form FR 2572) and Consumer and College Credit Card Agreements” in a Federal Register notice and a blog post.
The yearly survey is conducted beneath the umbrella of the Truth in Lending Act and is required to include at least 150 financial institutions that offer credit cards. Issuers are required to submit data on the product they offer having the largest number of accounts.
According to the CFPB, it is proposing expansion so it can publish data that it said would be “more meaningful to consumers shopping for cards.”
Among the biggest changes being proposed would be increasing the number of entities to participate in the survey, with the CFPB saying it anticipates it would expand to 615 survey participants.
Other Proposed Changes
Among the other proposed changes out for comment:
- Collecting median rates by credit score tiers. The CFPB suggested many consumers may be discouraged from applying for a card – a step often necessary to learn the specific rate they’d be charged – because it would trigger a hard credit inquiry.
- Requiring selected issuers to submit data on the median APR offered to consumers in three broad credit score tiers.
- Collecting information on credit cards available to specific communities or groups, such as institutions like regional banks and credit unions that only offer credit cards to people in particular communities or with specific affiliations.
- Requiring the biggest issuers to submit information about more credit cards: The Bureau is looking at requiring the top 25 issuers to submit data on each of their general purpose credit cards. The Bureau said other institutions selected for the sample would continue to be required to report on one product but could submit more information if they wish.
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