Card issuers required to supply credit card agreement terms and other data to the Consumer Financial Protection Bureau (CFPB) must make all submissions via the agency’s Collect website beginning in January, according to a notice providing new technical specifications for submissions.
The Collect website has been available since July 2018 for those participating in the semiannual Terms of Credit Card Plans (TCCP) Survey, and 83% of survey submissions early this year were made via Collect, the bureau said in a notice slated for publication Monday in the Federal Register.
The credit card plan submissions are made by selected card issuers under requirements of the Truth in Lending Act (TILA) and the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). Submissions include the semiannual Terms of Credit Card Plan (TCCP) Survey; quarterly credit card agreements; and annual reports related to college credit card marketing agreements and data.
In an email Friday, the CFPB said card issuers will be required to use the Collect website for the following submissions on the dates noted and after:
(1) TCCP Survey data (for the Feb. 14, 2022), deadline,
(2) quarterly credit card agreement submissions (for the Jan. 31, 2022, deadline), and
(3) annual reports related to college credit card marketing agreements and data (for the March 31, 2022, 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.
To register, the bureau said, fill out and email the Collect registration form to Collect_Support@cfpb.gov. (The registration form can be downloaded here.) Those selected to participate in the TCCP Survey or which are required to submit an annual report may begin registering today (Aug. 20).
Once card issuers receive their login credentials, starting on Dec. 1, 2021, 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.
The CFPB also said it’s working to update and publish resources to help card issuers use Collect. (Existing resources are available here.) It said it will publish resources for the quarterly credit card agreement submissions and annual reports related to college credit card marketing agreements and data at a later date here.
For more, see the F.R. notice.