WASHINGTON — The Consumer Financial Protection Bureau is moving forward with a request to revise its credit card data collection program, seeking Office of Management and Budget approval and opening another round of public comments on reporting requirements for card issuers.
In a notice scheduled for publication Sept. 30 in the Federal Register, the CFPB requested revised approval for an existing information collection covering credit card pricing and availability, consumer card agreements and agreements involving colleges and universities.
The notice does not specify which data fields or reporting requirements would change. It identifies the request as a revision of a currently approved collection, rather than announcing final approval or new requirements taking effect.
The bureau estimates the collection would involve 520 respondents and require a combined 987 hours annually.
Three Reporting Components
According to the CFPB filing, the program includes three collections required by the Truth in Lending Act, the Credit Card Accountability Responsibility and Disclosure Act of 2009 and implementing regulations:
- Terms of Credit Card Plans Survey. The bureau must collect pricing and availability data from at least 150 issuers, including the 25 largest credit card issuers and at least 125 additional financial institutions selected by the CFPB.
- Quarterly Consumer Agreement Submissions. Card issuers with 10,000 or more open accounts must submit agreements between issuers and consumers for open-end consumer credit card plans.
- Annual College Agreement Submissions. Issuers must submit college credit card agreements to which they are parties, along with certain additional information about those agreements.
The collections allow the CFPB to provide Congress and the public with a centralized, searchable repository of card terms and agreements, including information about arrangements between financial institutions and higher education institutions, the bureau said.
Additional Public Comment Period
The notice follows an initial 60-day comment period announced Feb. 6. The new notice provides 30 days after publication for additional comments, which OMB will review as part of its consideration of the request.
The CFPB is seeking feedback on whether the collection is necessary and useful, whether its reporting burden estimates are accurate, how to improve the quality and clarity of the information collected, and how to reduce reporting burdens through automation or other technology.
Comments should be submitted through Reginfo.gov by locating the collection under “Currently under 30-day Review—Open for Public Comments” or using the site’s search function.
