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Financial Services Law Insights and Observations

CFPB requests comments on credit card data collections

Agency Rule-Making & Guidance CFPB Credit Cards TILA

Agency Rule-Making & Guidance

On September 21, the CFPB published a notice and request for comments in the Federal Register seeking input on revisions to an existing, currently approved information collection, related to reporting terms of credit card plans and consumer and college credit card agreements. The notice relates to credit card data collected by the Bureau as required under TILA regarding agreements between issuers and consumers under a credit card account for open-end consumer credit plans, as well as “any college credit card agreements to which the issuer is a party and certain additional information regarding those agreements.” The data collections will enable the Bureau to provide “a centralized and searchable repository for consumer and college credit card agreements and information regarding the arrangements between financial institutions and institutions of higher education.” Comments must be received by October 21.

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