Aug 18 -- The Consumer Financial Protection Bureau (Bureau) plans to revise an existing information collection, titled “Report of Terms of Credit Card Plans (Form FR 2572) and Consumer and College Credit Card Agreements.” Written comments are encouraged and must be received on or before October 17, 2022 to be assured of consideration.
The Bureau intakes different forms of credit card data from credit card issuers, as required by the Truth in Lending Act (TILA), 15 U.S.C. 1601, et seq. and implementing regulations:
—The “Terms of Credit Card Plans Survey” collects data on credit card pricing and availability from a sample of at least 150 financial institutions that offer credit cards. The data enables the Bureau to present information to the public on terms of credit card plans;
—Sections 204 and 305 of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), amending TILA, and 12 CFR 1026.57(d) and 1026.58, require card issuers to submit to the Bureau:
Agreements between the issuer and a consumer under a credit card account for an open-end consumer credit plan; and
Any college credit card agreements to which the issuer is a party and certain additional information regarding those agreements.
The data collections enable the Bureau to provide Congress and the public with 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.
CFPB Credit card agreements and surveys: https://www.consumerfinance.gov/data-research/credit-card-data/
Previous (Dec 2021) submission to OMB: https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202108-3170-002
Technical documentation: https://www.reginfo.gov/public/do/DownloadDocument?objectID=115521801
Current draft ICR materials requested by AEA from CFPB