ALEXANDRIA, Va.–NCUA said credit unions may begin submitting data on credit card agreements with members, and applying data submission requirements, to the CFPB’s website for collecting credit card information.
The agency stated in a Regulatory Alert that CUs should pay attention to the following CFPB reporting deadlines:
- Feb. 14, 2022, for terms of credit card plans (TCCP) survey data
- Jan. 31, 2022, for quarterly credit card agreement submissions
- March 31, 2022, for annual reports related to college credit card marketing agreements and data
New Tech Specs
Earlier this year the CFPB issued 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 (CARD) Act of 2009. In its specifications, the CFPB said all submissions would be made via the agency’s Collect website beginning in January.
As CUToday.info has reported, the Collect website has been available since July 2018 for those participating in the semiannual TCCP Survey. The CFPB reported 83% of survey submissions it had received earlier this year were made via Collect.
According to NCUA, the credit card plan submissions are made by selected card issuers under requirements of the TILA and the CARD Act. Submissions include the semiannual TCCP Survey, quarterly credit card agreements, and annual reports related to college credit card marketing agreements and data.
Nov. 1 Deadline
Issuers have until Nov. 1 of this year to register for Collect; those that have registered before to submit their TCCP Survey data will not need to register again, NCUA said.
The CFPB is directing credit unions to Collect registration form.
Once card issuers have their login credentials, beginning Dec. 1 they will be able to review their current submissions and make the required submissions for the fourth quarter of calendar year 2021 using Collect, the CFPB said.
Additional Reminder
The NCUA Regulatory Alert reminds that credit unions selected to participate in the TCCP Survey are required to submit an annual report of college student credit card agreements can register now.
The agency said any credit union with 10,000 or more credit card accounts as of any quarter-end is required to make quarterly credit card submissions to the CFPB, the credit union regulator said, and must register for Collect by Nov. 1, 2021.