CFPB Proposes Improvements to Credit Card Agreement Submission Process

On February 24th, the Consumer Financial Protection Bureau (“CFPB”) requested comment on a proposal aimed at improving the way companies submit consumer credit card agreements to the CFPB. The proposal would suspend for one year credit card issuers’ obligations to submit their credit card agreements to the Bureau. During this time, the CFPB will work to develop a more streamlined and automated electronic submission system. In designing the new system, the CFPB also intends to explore improved reporting formats for the posted information. Comments should be submitted on or before March 13, 2015. CFPB Press Release.