Time-out on posting credit card agreements ends (per CFPB)
April 11, 2016 -- Credit card issuers must submit their currently offered card agreements to the Consumer Financial Protection Bureau to be posted on the bureau’s website, the agency recently reminded in a notice – marking the end of a one-year suspension of the requirement.
NASCUS has published a summary of the notice.
The submission is required under the Truth in Lending Act (TILA) and Regulation Z. The NASCUS summary points out that, last year, CFPB amended Regulation Z (which implements TILA and the official interpretation of that regulation) to temporarily suspend the submission obligation for one year. The suspension is now up, and the next submission is due on May 2 (the first business day on or after April 30, 2016. The NASCUS summary notes that the submission must include credit card agreements that were offered to the public as of March 31, 2016.