Financial Institutions Must Submit Credit Card Agreements by May 2
On March 31, 2016, the Consumer Financial Protection Bureau (CFPB) issued a letter explaining how financial institutions can submit credit card agreements to the CFPB by May 2.
Regulation Z requires credit card issuers to submit their credit card agreements to the CFPB, which then posts them on its website. In April 2015, the CFPB suspended that requirement for one year. Now that the suspension of the requirement is over, the CFPB is reminding financial institutions to submit their credit card agreements by May 2.
The letter from the CFPB provides instructions on how to submit the credit card agreements.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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