Consumer Financial Protection Bureau (CFPB) officials said the organization has issued new technical specifications with regard to complying with credit card agreement and data submission requirements.
Officials indicated the actions are in accordance with the Truth in Lending Act (TILA) and the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) — noting credit card issuers would be able to use the CFPB’s Collect website to submit terms of credit card plans (TCCP) survey data; quarterly credit card agreement submissions; and annual reports regarding college credit card marketing agreements and data.
Per the CFPB, the organization surveys the terms of credit card plans offered by financial institutions semiannually and publishes report findings via the terms of credit card plans (TCCP) survey – adding the nation’s largest credit card issuers are required to participate in the survey and the CFPB also selects other financial institutions to participate.
Congress amended section 136 of the TILA 32 years ago as a means of requiring the Federal Reserve System Board of Governors to collect certain credit card price and availability information from a sample of credit card issuers, report the information to Congress and make it available to the public.
Additionally, officials noted responsibility to collect the information was transferred to the CFPB in 2011 via the TCCP Survey.