CFPB Updates Procedure for Submitting Credit Card Agreements

With the transfer of authority over Regulation Z from the Federal Reserve Board (FRB) to the Consumer Financial Protection Bureau (CFPB), credit unions with more than 10,000 open credit card accounts should already be providing their quarterly submission of credit card agreements to the CFPB.

But what if you’ve still been sending them to the FRB? Or what if you are only now approaching the 10,000-account threshold?

The CFPB still collects the same exact information that the FRB used to, but it has updated the quarterly card agreement collection process slightly to lessen the collection burden, giving issuers the option to send information to the CFPB by email. The CFPB has found that most issuers prefer to submit in this manner, as it saves them money and time.

Sean O’Mealia, a member of the CFPB Card and Payment Markets office, is the agency’s primary liaison for this collection. Credit unions with questions regarding the electronic submission or quarterly statements or who are just getting ready to start the process may contact O’Mealia directly at Sean.O’Mealia@cfbb.gov. He will follow up with information needed for credit unions to submit their information electronically.

For those that prefer to submit by mail, the updated address is:

Consumer Financial Protection Bureau
Attn: Sean O’Mealia, Office 2W-022
1700 G Street NW
Washington, DC 20552

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance.