Rule2021-17994
Technical Specifications for Credit Card Agreement and Data Submissions Required Under TILA and the CARD Act (Regulation Z)
Primary source
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Published
August 23, 2021
Effective
August 23, 2021
Issuing agencies
Consumer Financial Protection Bureau
Abstract
Certain credit card issuers must submit credit card agreements and data to the Bureau of Consumer Financial Protection (Bureau) under the Truth in Lending Act (TILA) and the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act). The Bureau is issuing new technical specifications for complying with those submission requirements. Credit card issuers will make the required submissions under TILA and the CARD Act through the Bureau's "Collect" website. These technical specifications include registration information and the URL for the website at which issuers (or their designees) can submit the required information.
Full Text
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<title>Federal Register, Volume 86 Issue 160 (Monday, August 23, 2021)</title>
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[Federal Register Volume 86, Number 160 (Monday, August 23, 2021)]
[Rules and Regulations]
[Pages 46953-46958]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-17994]
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Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
========================================================================
Federal Register / Vol. 86, No. 160 / Monday, August 23, 2021 / Rules
and Regulations
[[Page 46953]]
BUREAU OF CONSUMER FINANCIAL PROTECTION
12 CFR Part 1026
Technical Specifications for Credit Card Agreement and Data
Submissions Required Under TILA and the CARD Act (Regulation Z)
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notification of technical specifications; procedural rule.
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SUMMARY: Certain credit card issuers must submit credit card agreements
and data to the Bureau of Consumer Financial Protection (Bureau) under
the Truth in Lending Act (TILA) and the Credit Card Accountability
Responsibility and Disclosure Act of 2009 (CARD Act). The Bureau is
issuing new technical specifications for complying with those
submission requirements. Credit card issuers will make the required
submissions under TILA and the CARD Act through the Bureau's
``Collect'' website. These technical specifications include
registration information and the URL for the website at which issuers
(or their designees) can submit the required information.
DATES: This notification of technical specifications and procedural
rule becomes effective on August 23, 2021. Issuers must make
submissions using the Collect website, in accordance with these
technical specifications.
FOR FURTHER INFORMATION CONTACT: Yaritza Velez, Counsel or Caroline
Hong, Senior Counsel, Office of Regulations, at 202-435-7700 or <a href="https://reginquiries.consumerfinance.gov">https://reginquiries.consumerfinance.gov</a>. For technical assistance regarding
the Collect website and submission system, contact
<a href="/cdn-cgi/l/email-protection#e6a5898a8a838592b9b5939696899492a685809684c8818990"><span class="__cf_email__" data-cfemail="febd9192929b9d8aa1ad8b8e8e918c8abe9d988e9cd0999188">[email protected]</span></a>. If you require this document in an
alternative electronic format, please contact
<a href="/cdn-cgi/l/email-protection#88cbced8cad7c9ebebedfbfbe1eae1e4e1fcf1c8ebeef8eaa6efe7fe"><span class="__cf_email__" data-cfemail="0744415745584664646274746e656e6b6e737e476461776529606871">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
I. Submission Requirements
A. Submission of Data on Credit Card Pricing and Availability (Terms of
Credit Card Plans Survey)
The Statute
In 1988, Congress amended section 136 of the Truth in Lending Act
(TILA) to require the Board of Governors of the Federal Reserve System
(Board) to collect certain credit card price and availability
information from a sample of credit card issuers and report this
information to Congress and make it available to the public.\1\ The
responsibility to collect this information, through what is called the
Terms of Credit Card Plans (TCCP) Survey, was transferred to the Bureau
in 2011.\2\
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\1\ Fair Credit and Charge Card Disclosure Act of 1988 (FCCCDA),
Public Law 100-583, section 5, 102 Stat. 2960, 2967 (1988) (adding
section 136(b) of TILA). TILA section 136(b) is codified at 15
U.S.C. 1646(b).
\2\ Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank Act), Public Law 111-203, tit. X, section1100A(2), 124
Stat. 1376, 2107 (2010). The transfer of this authority, as a
consumer protection function under TILA, became effective on July
21, 2011. See Dodd-Frank Act section 1061, 124 Stat. 2035-2039
(consumer financial protection functions to be transferred to the
Bureau as of a designated transfer date); 75 FR 57252 (Sept. 20,
2010) (setting transfer date).
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Specifically, TILA section 136(b) requires the Bureau to collect,
on a semiannual basis, credit card price and availability information,
including the information required to be disclosed under section 127(c)
of TILA, from a broad sample of financial institutions that offer
credit card services. Section 127(c) of TILA lists requirements for
disclosures in connection with credit and charge card applications and
solicitations.\3\
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\3\ TILA section 127(c) requires issuers to disclose, among
other things, the annual percentage rate for purchases (must state
if it is a variable rate); the length of the grace period; the name
or description of the balance computation method; the fee for
issuance or availability (membership fee); the minimum finance
charge; the transaction fee for purchases; the transaction fee for
cash advances; the fee for late payment; and the fee for exceeding
the credit limit. 15 U.S.C. 1637(c).
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TILA section 136(b) also requires that the sample of TCCP Survey
respondents include the 25 largest issuers of credit cards and no less
than 125 additional financial institutions selected by the Bureau in a
manner that ensures an equitable geographic distribution within the
sample and the representation of a wide spectrum of institutions within
the sample.\4\ Generally, the Bureau sends an email to each selected
issuer requesting that it complete the TCCP Survey. Issuers that do not
receive such an email from the Bureau do not need to complete the TCCP
Survey.\5\
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\4\ 15 U.S.C. 1646(b).
\5\ Bureau of Consumer Fin. Prot., Collect--TCCP User Guide 2
(Jan. 2019), <a href="https://files.consumerfinance.gov/f/documents/TCCP_User_Guide_Final.pdf">https://files.consumerfinance.gov/f/documents/TCCP_User_Guide_Final.pdf</a>.
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There are no implementing regulations for the core TCCP Survey
collection requirement in TILA section 136(b). Issuers are required to
submit their information ``to the Bureau in accordance with such
regulations or orders as the Bureau may prescribe.'' \6\
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\6\ 15 U.S.C. 1646(b)(3).
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The Submission Process
In 1990, the Board implemented a ``Report of Terms of Credit Card
Plans Survey'' (FR 2572), in the form of a spreadsheet, to collect the
TCCP Survey data elements from financial institutions (issuers)
participating in the Survey.\7\ The Board collected TCCP Survey
responses using the FR 2572 form until 2011, when the collection of
information for the TCCP Survey was formally transferred to the
Bureau.\8\ The Bureau has also used the FR 2572 form to collect
information from selected issuers for the TCCP Survey.\9\ TCCP Survey
data must be reported twice a year, as of January 31 and July 31.\10\
If selected by the Bureau to complete the TCCP Survey, an issuer would
need to complete its Survey within 10 business days of the end of the
Survey date (e.g., February 14 or August 14, respectively). The
information provided by the issuer
[[Page 46954]]
must be current as of the Survey date (i.e., January 31 or July
31).\11\
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\7\ See Bureau of Consumer Fin. Prot., Supporting Statement Part
A: Report of Terms of Credit Card Plans (Form FR 2572) (OMB Control
Number: 3170-0001) 1 (uploaded May 29, 2019), <a href="https://www.reginfo.gov/public/do/DownloadDocument?objectID=91971901">https://www.reginfo.gov/public/do/DownloadDocument?objectID=91971901</a>.
\8\ See Office of Mgmt. & Budget, Notice of Office of Management
and Budget Action (Oct. 24, 2011), <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201110-3170-006#">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201110-3170-006#</a> (approving transfer of FR
2572 from the Board to the Bureau).
\9\ See, e.g., 84 FR 24764 (May 29, 2019) (notice of and
requesting comments for renewal of Office of Management and Budget
(OMB) approval for existing Report of Terms of Credit Card Plan
information collection). The FR 2572 form is currently on the
Bureau's website at <a href="https://files.consumerfinance.gov/f/documents/bcfp_tccp-survey_form-2572_instructions.pdf">https://files.consumerfinance.gov/f/documents/bcfp_tccp-survey_form-2572_instructions.pdf</a>.
\10\ Bureau of Consumer Fin. Prot., Report of Terms of Credit
Card Plans--Instructions (FR 2572), page 1, <a href="https://files.consumerfinance.gov/f/documents/bcfp_tccp-survey_form-2572_instructions.pdf">https://files.consumerfinance.gov/f/documents/bcfp_tccp-survey_form-2572_instructions.pdf</a>.
\11\ See, e.g., Bureau of Consumer Fin. Prot., TCCP Survey FAQs,
page 2 (Question 3) (last updated May 1, 2020), <a href="https://files.consumerfinance.gov/f/documents/cfpb_tccp-survey_faq.pdf">https://files.consumerfinance.gov/f/documents/cfpb_tccp-survey_faq.pdf</a>.
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Starting with the TCCP Survey cycle beginning on July 31, 2018, the
Bureau has provided issuers with the voluntary option to make TCCP
Survey submissions through its Collect website (Collect). The Bureau
has also continued to accept TCCP Survey submissions using the FR 2572
form.
For the most recent TCCP Survey cycle beginning on January 31,
2021, 83 percent of TCCP Survey submissions were made via Collect.
Collect has simplified the TCCP Survey submission process for issuers
in several ways. For example, instructions in Collect are ``tiered'' so
that the submitter only sees relevant questions, thus minimizing the
possibility for confusion or error. Collect also avoids instructions
that would lead to duplicative responsive information if the system
determines that the information has already been provided earlier in
the submission process. Additionally, Collect provides an audit trail
that allows issuers to clearly verify whether and when each of their
submissions has been received by the Bureau and review the contents of
past submissions. Further, the Bureau has heard through its market
outreach efforts that Survey respondents find Collect to be faster to
use than the FR 2572 form, and that it allows them to more easily
reference past submissions. The Bureau has also found that Collect
facilitates faster processing of TCCP Survey submissions by Bureau
staff, which in turn has led to the faster posting of the TCCP Survey
results on the Bureau's website \12\ and enhanced the public's ability
to use the data in a timely manner. The Bureau believes that such gains
to issuers, the public, and the Bureau would be increased if all TCCP
Survey respondents used Collect, and that any additional burden on
Survey respondents as a result of using Collect would be minimal.
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\12\ The Bureau's TCCP Survey database is available at <a href="https://cfpb-sites.force.com/CreditCardPlanSurveys">https://cfpb-sites.force.com/CreditCardPlanSurveys</a>.
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In April 2019, the Bureau also started using Collect to receive
prepaid account agreements and associated information from prepaid
account issuers pursuant to 12 CFR 1005.19.\13\ The Bureau has found
that Collect also provides a streamlined electronic process for this
collection that substantially benefits issuers, the public, and the
Bureau.
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\13\ 84 FR 7979 (Mar. 6, 2019).
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For the reasons set forth above, issuers selected by the Bureau to
participate in the TCCP Survey must submit their data using Collect,
starting with the Survey cycle beginning on January 31, 2022, for which
responses are due on February 14, 2022. Afterward, issuers selected by
the Bureau to participate in future TCCP Surveys must also use Collect
to submit their responses. Issuers selected by the Bureau to
participate in the Survey who do not already use Collect can begin the
registration process immediately.\14\ Upon receiving their login
credentials, issuers will be able to start submitting their Survey
responses using Collect. See the Technical Specifications in part II
below for additional information.
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\14\ Although TCCP Survey respondents currently have the ability
to register for Collect, generally TCCP Survey respondents are not
aware that they are required to participate in the Survey until
receiving notification from the Bureau. As a result, new TCCP Survey
Collect users would not need to register for Collect for the purpose
of making TCCP Survey submissions until that time.
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B. Quarterly Submission of Credit Card Agreements
The Statute and Regulation
In 2009, Congress enacted the Credit Card Accountability
Responsibility and Disclosure Act (CARD Act) in order to ``establish
fair and transparent practices related to the extension of credit'' in
the credit card market.\15\ Section 204 of the CARD Act added new TILA
section 122(d) to require creditors to post agreements for open-end
consumer credit card plans on the creditors' websites and submit those
agreements to the Board for posting on a publicly available website
established and maintained by the Board.\16\ The Board generally
implemented the CARD Act's provisions in subpart G of Regulation Z.
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\15\ Public Law 111-24, 123 Stat. 1734 (2009).
\16\ 15 U.S.C. 1632(d).
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Specifically, TILA section 122(d)(1) requires each creditor to post
its credit card agreements on its own website, and section 122(d)(2)
requires the creditor to provide its agreements to the Bureau (formerly
the Board). TILA section 122(d)(3) requires the Bureau (formerly the
Board) to establish and maintain on its publicly available website a
central repository of the agreements it receives under section
122(d)(2). The Board implemented these provisions at 12 CFR 226.58.
With the adoption of the Dodd-Frank Act, authority to implement TILA
transferred to the Bureau,\17\ and the Bureau renumbered this provision
in Regulation Z as 12 CFR 1026.58.\18\
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\17\ Public Law 111-203, section 1100A, 124 Stat. 2081 (2010).
See also supra note 2.
\18\ 76 FR 79768 (Dec. 22, 2011).
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While TILA section 122(d) requires that creditors provide
agreements to the Bureau, it does not specify the frequency or timing
for these submissions. The implementing regulations in Regulation Z
provide that a card issuer must make quarterly submissions to the
Bureau ``in the form and manner specified by the Bureau,'' except as
otherwise provided in the regulation.\19\ Each submission must contain
identifying information about the issuer and the agreements submitted;
the credit card agreements that the issuer offered to the public as of
the last business day of the preceding calendar quarter that the issuer
has not previously submitted to the Bureau; any credit card agreement
previously submitted to the Bureau that was amended during the
preceding calendar quarter and that the issuer offered to the public as
of the last business day of the preceding calendar quarter; and a
notification regarding any credit card agreement previously submitted
to the Bureau that the issuer is withdrawing.\20\ If a credit card
agreement has been previously submitted to the Bureau, the agreement
has not been amended, and the card issuer continues to offer the
agreement to the public, no additional submission regarding that
agreement is required for that calendar quarter.\21\ These quarterly
submissions must be sent to the Bureau no later than the first business
day on or after January 31, April 30, July 31, and October 31 of each
year. The regulation also provides that, except in certain
circumstances, card issuers must post and maintain on their publicly
available websites the credit card agreements that the issuers are
required to submit to the Bureau.\22\
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\19\ 12 CFR 1026.58(c)(1). A credit card issuer is not required
to submit a credit card agreement to the Bureau pursuant to 12 CFR
1026.58, if it qualifies for the de minimis exception in 12 CFR
1026.58(c)(5), the private label credit card exception in 12 CFR
1026.58(c)(6), or the product testing exception in 12 CFR
1026.58(c)(7).
\20\ 12 CFR 1026.58(c)(1)(i) through (iv).
\21\ 12 CFR 1026.58(c)(3).
\22\ 12 CFR 1026.58(d).
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The Bureau's implementing regulation at 12 CFR 1026.58(c)(8)
provides requirements for the form and content of the quarterly credit
card agreement submissions. One such requirement specifies that for
each submitted ``agreement,'' the ``[p]ricing information must be set
forth in a single addendum to the agreement.'' \23\ The term
``agreement'' or ``credit card agreement'' is defined as ``the written
document or documents evidencing the terms of the legal obligation, or
the
[[Page 46955]]
prospective legal obligation, between a card issuer and a consumer for
a credit card account under an open-end (not home-secured) consumer
credit plan'' and also includes pricing information.\24\ Pricing
information is defined to include certain information, including credit
card annual percentage rates (APR) and fees and charges, among other
things.\25\ Provisions of the agreement other than the pricing
information that may vary from one cardholder to another depending on
the cardholder's creditworthiness or State of residence or other
factors may be set forth in a single addendum to the agreement separate
from the pricing information addendum.\26\ This addendum is referred to
as the variable terms addendum.
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\23\ 12 CFR 1026.58(c)(8)(ii)(A). See also 12 CFR 1026, Comment
58(c)(8)-2 (``Pricing information must be set forth in the separate
addendum described in 1026.58(c)(8)(ii)(A) even if it is also stated
elsewhere in the agreement.'').
\24\ 12 CFR 1026.58(b)(1).
\25\ 12 CFR 1026.58(b)(7) (``pricing information'' refers to the
information listed in 12 CFR 1026.6(b)(2)(i) through (b)(2)(xii)).
\26\ 12 CFR 1026.58(c)(8)(iii).
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The Submission Process
Under the process established by the Board that was used by the
Bureau until 2015 and updated as described below in 2016, credit card
issuers submit agreements and agreement information to the Bureau
manually via email.\27\ On April 17, 2015, the Bureau issued a final
rule temporarily suspending credit card issuers' obligations under 12
CFR 1026.58 to submit credit card agreements to the Bureau for a period
of one year (i.e., four quarterly submissions), in order to reduce
burden while the Bureau worked to develop a more streamlined and
automated electronic submission system.\28\ When issuing the final
rule, the Bureau explained that it believed the manual process ``may be
unnecessarily cumbersome for issuers and may make issuers' own internal
tracking of previously submitted agreements difficult'' and noted that
``the process for Bureau staff to manually review, catalog, and upload
new or revised agreements to the Bureau's website, and to remove
outdated agreements, can extend for several months after the quarterly
submission deadline.'' \29\ The Bureau also stated its intent to
develop ``a more streamlined and automated electronic submission
system'' that would both allow issuers to upload agreements directly to
the Bureau's database and enable faster posting of agreements on the
Bureau's website.\30\
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\27\ See 75 FR 7658, 7923 (Feb. 22, 2010) (technical
specifications for the quarterly credit card submission included in
Attachment I to the Federal Register notice); 81 FR 19467 (Apr. 5,
2016).
\28\ See 12 CFR 1026.58(g); see also 80 FR 21153 (Apr. 17,
2015). Credit card issuers' obligations to post currently offered
credit card agreements on their publicly available websites under 12
CFR 1026.58(d), and to make agreements for open accounts available
to cardholders as required by 12 CFR 1026.58(e), were not affected
by the suspension. See 80 FR 21153, 21155 (Apr. 17, 2015); see also
81 FR 19467 (Apr. 5, 2016) (notice of expiration of suspension).
\29\ 80 FR 21153, 21154 (Apr. 17, 2015). The Bureau's database
of credit card agreements is available at <a href="http://www.consumerfinance.gov/credit-cards/agreements/">http://www.consumerfinance.gov/credit-cards/agreements/</a>.
\30\ 80 FR 21153, 21154 (Apr. 17, 2015).
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The Bureau did not implement the submission system described above
during the temporary one-year suspension period and instead posted
updated submission instructions in 2016 to its website.\31\ The updated
submission process, which is currently in use, allows issuers to submit
agreements by emailing weblinks to the agreements instead of attaching
the agreements as Portable Document Format (PDF) files.\32\ Issuers
also continue to have the option to email the agreements as PDF files.
However, the process for Bureau staff remains a time-consuming, manual
process that extends for several months after each quarterly submission
deadline. The process also provides no audit trail or automated
verification mechanism by which issuers can confirm receipt of their
submissions by the Bureau each quarter and review past quarters'
submissions.
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\31\ See 81 FR 19467 (Apr. 5, 2016).
\32\ The current instructions for submitting credit card
agreements to the Bureau are available at <a href="https://files.consumerfinance.gov/f/documents/cfpb_card-agreements-submission-instructions.pdf">https://files.consumerfinance.gov/f/documents/cfpb_card-agreements-submission-instructions.pdf</a>.
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Soon after the one-year suspension expired, the Bureau developed
and deployed Collect, which is currently used by the Bureau to receive
TCCP Survey responses on a voluntary basis and prepaid account
agreements and agreement information, as explained above. For the TCCP
Survey, Collect has provided a streamlined and automated electronic
submission system that is less burdensome and easier for issuers to
use, and that has reduced Bureau staff processing time, provided a
robust audit trail for submissions, and lessened the time between the
dates of issuer submissions and availability of the information to the
public. For the prepaid account agreement and information submissions,
the Bureau has found that Collect also provides a streamlined
electronic process that benefits issuers, the public, and the Bureau.
Therefore, for these reasons, issuers making credit card agreement
submissions to the Bureau on a quarterly basis must make those
submissions using Collect, starting with the submissions for the fourth
quarter of calendar year 2021 that are due on January 31, 2022.
Subsequent submissions must also be made using Collect, on an ongoing
basis. Issuers who do not already use Collect can begin the
registration process immediately. All issuers required to make
quarterly credit card agreement submissions to the Bureau must register
for Collect by November 1, 2021. Once the issuer receives its login
credentials, the issuer will have the ability to review its current
submissions and start making the required submissions using Collect,
starting on December 1, 2021. See the Technical Specifications in part
II below for additional information.
C. Submission of College Credit Card Marketing Agreements and Data
The Statute and Regulation
The CARD Act also added new TILA section 127(r), which requires
credit card issuers to submit an annual report to the Bureau (formerly
the Board) containing the terms and conditions of all business,
marketing, promotional agreements, and college affinity card agreements
with an institution of higher education, or an alumni organization or
foundation affiliated with or related to such institution, with respect
to any college student credit card issued to a college student at such
institution.\33\ This document refers to those agreements as ``college
credit card marketing agreements.'' Under TILA section 127(r), the
Bureau (formerly the Board) is obligated to make an annual report
listing such information to Congress and to also make the report
available to the public.\34\ The Board implemented these provisions at
12 CFR 226.57(d). As noted above, in 2011, the Dodd-Frank Act
transferred the authority to implement TILA to the Bureau.\35\ The
Bureau renumbered this provision in Regulation Z as 12 CFR
1026.57(d).\36\
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\33\ CARD Act, Public Law 111-24, section 305, 123 Stat. 1734,
1749-1750. TILA section 127(r) is codified as 15 U.S.C. 1637(r).
\34\ 15 U.S.C. 1637(r)(3).
\35\ Public Law 111-203, section 1100A, 124 Stat. 2081 (2010).
See also supra note 2.
\36\ 76 FR 79768 (Dec. 22, 2011).
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Section 1026.57(d) provides that card issuers that were parties to
college credit card marketing agreements in effect at any time during a
calendar year must submit an annual report to the Bureau regarding
those agreements ``in the form and manner prescribed by the Bureau''
and specifies the information that the report must include.\37\ Card
[[Page 46956]]
issuers are required to submit their annual reports for a given
calendar year to the Bureau by the first business day on or after March
31 of the following calendar year.\38\
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\37\ Specifically, section 1026.57(d)(2) states that the annual
report must include identifying information about the card issuer
and agreements submitted; a copy of any college credit card
agreement to which the issuer was a party that was in effect at any
time during the period covered by the report; a copy of any
memorandum of understanding in effect at any time during the period
covered by the report, as described by the regulation; the total
dollar amount of any payments pursuant to a college credit card
agreement from the card issuer to an institution of higher education
or affiliated organization during the period covered by the report,
and the method or formula used to determine such amounts; the total
number of credit card accounts opened pursuant to any college credit
card agreement during the period covered by the report; and the
total number of credit card accounts opened pursuant to any such
agreement that were open at the end of the period covered by the
report.
\38\ 12 CFR 1026.57(d)(3).
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The Submission Process
The current process was first established by the Board in 2010 and
has been left generally unchanged by the Bureau.\39\ Under that
process, credit card issuers manually submit their annual report data
as PDFs (for agreements) and as tab-delimited plain text files or as a
Microsoft Excel Workbook (for associated information) that they send to
the Bureau primarily via email. As with the TCCP Survey and quarterly
credit card agreement submissions, Bureau staff must then manually
review, catalog, and upload college credit card marketing agreements
and data to the Bureau's website,\40\ which delays the provision of
such information to the public.
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\39\ See 75 FR 7658, 7923 (Feb. 22, 2010) (technical
specifications for the quarterly credit card submission included in
Attachment I to the Federal Register notice). The current technical
specifications were updated by the Board on December 31, 2010, and
are available on the Bureau's website, at <a href="http://files.consumerfinance.gov/f/201603_cfpb_consumer-and-college-credit-card-agreement-submission.pdf">http://files.consumerfinance.gov/f/201603_cfpb_consumer-and-college-credit-card-agreement-submission.pdf</a>.
\40\ The Bureau's college credit card marketing agreement and
data website is available at <a href="https://www.consumerfinance.gov/data-research/student-banking/marketing-agreements-and-data/">https://www.consumerfinance.gov/data-research/student-banking/marketing-agreements-and-data/</a>.
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Based on the Bureau's experience with issuer submissions through
Collect as to the TCCP Survey and prepaid account agreements and
agreement data, the Bureau believes that requiring issuers to submit
college credit card marketing agreements and data using Collect will
reduce the burden on issuers by eliminating the manual process and
lessen the time required for Bureau staff to process the submissions
and make the information available to the public. It will also provide
a robust audit trail for issuers to track the receipt and contents of
current and past submissions.
Therefore, for the above reasons, issuers must submit their annual
reports related to college credit card marketing agreements and data
using Collect, starting with the submissions that are due on March 31,
2022,\41\ and continue to do so on an ongoing basis. That is, a card
issuer that was a party to one or more college credit card marketing
agreements in effect at any time during calendar year 2021 must use
Collect to submit to the Bureau an annual report regarding those
agreements by March 31, 2022. Subsequent annual submissions must also
be made using Collect, on an ongoing basis. Issuers who do not already
use Collect can begin the registration process immediately. Once the
issuer receives its login credentials, the issuer will have the ability
to start making the required submissions using Collect, starting in
January 2022. See the Technical Specifications in part II below for
additional information.
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\41\ The annual reports are due to the Bureau ``by the first
business day on or after March 31 of the following calendar year.''
12 CFR 1026.57(d)(3). Because March 31, 2022, falls on a Thursday,
the 2022 deadline is March 31, 2022.
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II. Technical Specifications
A. Submission of Data on Credit Card Pricing and Availability (TCCP
Survey)
The Bureau has established Collect as the mandatory vehicle for
submitting the TCCP Survey elements under TILA section 136(b).\42\
Issuers that have been selected by the Bureau to participate in the
TCCP Survey cycle beginning on January 31, 2022, must submit the
required information using Collect within 10 business days at the end
of the Survey date (i.e., no later than February 14, 2022). Selected
issuers must also use Collect to make submissions for future TCCP
Survey cycles. Collect can be accessed at <a href="https://collect.consumerfinance.gov">https://collect.consumerfinance.gov</a>. Issuers can begin the registration process
for Collect immediately. To register, Survey respondents that have not
already registered for Collect must complete a registration form and
submit it to <a href="/cdn-cgi/l/email-protection#fbb89497979e988fa4a88e8b8b94898fbb989d8b99d59c948d"><span class="__cf_email__" data-cfemail="f7b4989b9b929483a8a4828787988583b794918795d9909881">[email protected]</span></a>.\43\ The Collect registration
form is available at <a href="https://files.consumerfinance.gov/f/documents/cfpb_collect-registration.pdf">https://files.consumerfinance.gov/f/documents/cfpb_collect-registration.pdf</a>. Once respondents receive their login
credentials, they will be able to submit their TCCP Survey
information.\44\
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\42\ 15 U.S.C. 1646(b).
\43\ For questions concerning the registration form, please
contact the Collect Support Team at <a href="/cdn-cgi/l/email-protection#e8ab8784848d8b9cb7bb9d9898879a9ca88b8e988ac68f879e"><span class="__cf_email__" data-cfemail="f6b5999a9a939582a9a5838686998482b695908694d8919980">[email protected]</span></a>.
\44\ TCCP Survey respondents who have not used Collect
previously are encouraged to register as early as possible after
they have received notification from the Bureau that they are
required to participate in the Survey, to confirm that they can
successfully access the system. See also note 14.
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Collect uses interactive forms to guide respondents through the
submission process. After submitting certain identifying information as
required by the statute, respondents will be prompted to input the TCCP
Survey information into Collect.
Compliance Resources
For the TCCP Survey submissions required under TILA section 136(b),
the Bureau has published compliance resources to assist respondents in
using Collect, including a user guide, a quick reference guide,
frequently asked questions, and a webinar. These resources are
available on the Bureau's website at <a href="https://www.consumerfinance.gov/data-research/credit-card-data/terms-credit-card-plans-survey/">https://www.consumerfinance.gov/data-research/credit-card-data/terms-credit-card-plans-survey/</a>. The
Bureau plans to update this website, as needed, to reflect changes made
by these technical specifications. For technical assistance related to
TCCP Survey submissions, Survey respondents can contact the Bureau at
<a href="/cdn-cgi/l/email-protection#0645696a6a6365725955737676697472466560766428616970"><span class="__cf_email__" data-cfemail="fbb89497979e988fa4a88e8b8b94898fbb989d8b99d59c948d">[email protected]</span></a>.
B. Quarterly Submission of Credit Card Agreements
The Bureau has established Collect as the mandatory vehicle for
credit card agreement submissions that must be made to the Bureau on a
quarterly basis, pursuant to 12 CFR 1026.58. Collect can be accessed at
<a href="https://collect.consumerfinance.gov">https://collect.consumerfinance.gov</a>. Issuers must use Collect to make
their fourth quarter of calendar year 2021 submissions that reflect
their agreements in effect as of December 31, 2021, by January 31,
2022. Issuers must also use Collect to make future quarterly credit
card agreement submissions. Issuers can begin the registration process
for Collect immediately. To register, issuers that have not already
registered for Collect must complete a registration form and submit it
to <a href="/cdn-cgi/l/email-protection#efac8083838a8c9bb0bc9a9f9f809d9baf8c899f8dc1888099"><span class="__cf_email__" data-cfemail="96d5f9fafaf3f5e2c9c5e3e6e6f9e4e2d6f5f0e6f4b8f1f9e0">[email protected]</span></a> by November 1, 2021.\45\ The Collect
registration form is available at <a href="https://files.consumerfinance.gov/f/documents/cfpb_collect-registration.pdf">https://files.consumerfinance.gov/f/documents/cfpb_collect-registration.pdf</a>. Once submitters receive their
login credentials, they will be able to review their current
submissions and make the required submissions for the fourth
[[Page 46957]]
quarter of calendar year 2021 using Collect, starting on December 1,
2021.
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\45\ Issuers who are not otherwise registered for Collect (i.e.,
because they are TCCP Survey respondents already registered for
Collect) are encouraged to register as early as possible. For
questions concerning the registration form, please contact the
Collect Support Team at <a href="/cdn-cgi/l/email-protection#1f5c7073737a7c6b404c6a6f6f706d6b5f7c796f7d31787069"><span class="__cf_email__" data-cfemail="cc8fa3a0a0a9afb8939fb9bcbca3beb88cafaabcaee2aba3ba">[email protected]</span></a>.
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Collect uses interactive forms to guide submitters through the
submission process. After submitting certain identifying information as
required by 12 CFR 1026.58(c)(1)(i), issuers will be prompted to upload
the required documents using Collect. Issuers will be able to upload an
agreement, a pricing addendum, and if applicable, a variable terms
addendum. Pursuant to 12 CFR 1026.58(c)(8)(ii)(A), pricing information
must be set forth in a single addendum, so an issuer must submit only
one pricing addendum with each agreement.
File Format
Credit card agreements submitted through Collect must be in the PDF
file format, and must be text-searchable, digitally created PDFs. These
PDF files should not be scanned documents, otherwise known as ``image-
only'' PDFs, as these are not text-searchable. For questions about file
formats, please contact the Bureau at <a href="/cdn-cgi/l/email-protection#74371b18181117002b270104041b060034171204165a131b02"><span class="__cf_email__" data-cfemail="acefc3c0c0c9cfd8f3ffd9dcdcc3ded8eccfcadcce82cbc3da">[email protected]</span></a>.
Compliance Resources
For quarterly credit card agreement submissions that must be made
pursuant to 12 CFR 1026.58, the Bureau is developing compliance
resources to assist issuers in using Collect, including a user guide, a
quick reference guide, frequently asked questions, and a webinar. These
resources will be available on the Bureau's website at a later date.
For technical assistance regarding these submissions, issuers can
contact the Bureau at <a href="/cdn-cgi/l/email-protection#f6b5999a9a939582a9a5838686998482b695908694d8919980"><span class="__cf_email__" data-cfemail="a9eac6c5c5cccaddf6fadcd9d9c6dbdde9cacfd9cb87cec6df">[email protected]</span></a>.
C. Submission of College Credit Card Marketing Agreements and Data
The Bureau has established Collect as the mandatory vehicle for the
submission of annual reports related to college credit card marketing
agreements and data required under 12 CFR 1026.57. Issuers must use
Collect to submit to the Bureau, no later than March 31, 2022, the
required information for the college credit card marketing agreements
to which the issuers were a party during calendar year 2021. Issuers
must also use Collect to make future college credit card marketing
agreement and data submissions. Collect can be accessed at <a href="https://collect.consumerfinance.gov">https://collect.consumerfinance.gov</a>. Issuers can begin the registration process
for Collect immediately. To register, issuers that have not already
registered for Collect must complete a registration form and submit it
to <a href="/cdn-cgi/l/email-protection#692a0605050c0a1d363a1c1919061b1d290a0f190b470e061f"><span class="__cf_email__" data-cfemail="22614d4e4e4741567d715752524d505662414452400c454d54">[email protected]</span></a>.\46\ The Collect registration form is
available at <a href="https://files.consumerfinance.gov/f/documents/cfpb_collect-registration.pdf">https://files.consumerfinance.gov/f/documents/cfpb_collect-registration.pdf</a>. Once submitters receive their login
credentials, they will be able to make the required submissions using
Collect, starting in January 2022.
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\46\ Issuers who are not otherwise registered for Collect (i.e.,
because they are TCCP Survey respondents already registered for
Collect) are encouraged to register as early as possible. For
questions concerning the registration form, please contact the
Collect Support Team at <a href="/cdn-cgi/l/email-protection#bdfed2d1d1d8dec9e2eec8cdcdd2cfc9fddedbcddf93dad2cb"><span class="__cf_email__" data-cfemail="f1b29e9d9d949285aea28481819e8385b192978193df969e87">[email protected]</span></a>.
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Collect uses interactive forms to guide submitters through the
submission process. After submitting certain identifying information as
required by 12 CFR 1026.57(d)(2)(i), issuers will be prompted to submit
the required college credit card marketing agreements and data into
Collect.
File Format
College credit card marketing agreements submitted through Collect
must be in the PDF file format, and must be text-searchable, digitally
created PDFs, except where noted in the Bureau's compliance resources.
For documents that must be text-searchable, these files should not be
scanned documents, otherwise known as ``image-only'' PDFs, as these are
not text-searchable. For questions about file formats, please contact
the Bureau at <a href="/cdn-cgi/l/email-protection#64270b08080107103b371114140b161024070214064a030b12"><span class="__cf_email__" data-cfemail="7c3f131010191f08232f090c0c130e083c1f1a0c1e521b130a">[email protected]</span></a>.
Compliance Resources
For college credit card marketing agreement and data submissions
that must be made under 12 CFR 1026.57, the Bureau is developing
compliance resources to assist issuers in using Collect, including a
user guide, a quick reference guide, frequently asked questions, and a
webinar. These resources will be available on the Bureau's website at a
later date. For technical assistance regarding these submissions,
issuers can contact the Bureau at <a href="/cdn-cgi/l/email-protection#a6e5c9cacac3c5d2f9f5d3d6d6c9d4d2e6c5c0d6c488c1c9d0"><span class="__cf_email__" data-cfemail="d794b8bbbbb2b4a38884a2a7a7b8a5a397b4b1a7b5f9b0b8a1">[email protected]</span></a>.
III. Legal Authority
The Bureau is issuing this rule pursuant to its authority under
section 1022(b)(1) of the Dodd-Frank Act, which authorizes the Bureau
to prescribe rules as may be necessary or appropriate to enable the
Bureau to administer and carry out the purposes and objectives of
Federal consumer financial law.\47\ The Bureau is also issuing this
rule pursuant to TILA sections 105(a) \48\ and 122(d)(5).\49\ TILA
section 105(a) authorizes the Bureau to prescribe regulations to carry
out the purposes of TILA. TILA section 122(d)(5), regarding credit card
agreements, authorizes the Bureau to promulgate regulations to
implement section 122(d).
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\47\ 12 U.S.C. 5512(b)(1).
\48\ 15 U.S.C. 1604(a).
\49\ 15 U.S.C. 1632(d)(5).
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IV. Regulatory Requirements
The Bureau has concluded that these technical specifications
constitute a rule of agency organization, procedure, or practice exempt
from the notice and comment rulemaking requirements under the
Administrative Procedure Act (APA), pursuant to 5 U.S.C. 553(b).
Because the procedural rule relates solely to agency procedure and
practice, it is not substantive, and therefore is not subject to the
30-day delayed effective date for substantive rules under section
553(d) of the APA. Because no notice of proposed rulemaking is
required, the Regulatory Flexibility Act does not require an initial or
final regulatory flexibility analysis.
V. Paperwork Reduction Act
Under the Paperwork Reduction Act of 1995 (PRA),\50\ Federal
agencies are generally required to seek Office of Management and Budget
(OMB) approval for information collection requirements prior to
implementation. Under the PRA, the Bureau may not conduct or sponsor
and, notwithstanding any other provision of law, a person is not
required to respond to an information collection unless the information
collection displays a valid control number assigned by OMB. The
collections of information related to this rule have been previously
reviewed and approved by OMB and assigned OMB Control Numbers 3170-0001
and 3170-0052. The Bureau has determined that these technical
specifications do not impose any new recordkeeping, reporting, or
disclosure requirements on covered entities or members of the public
that would be collections of information requiring approval by OMB
under the PRA. Rather, the Bureau estimates that these specifications
will slightly reduce the cost burden for covered entities compared to
existing submission practices.
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\50\ 44 U.S.C. 3501 et seq.
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VI. Signing Authority
The Acting Director of the Bureau, David Uejio, having reviewed and
approved this document, is delegating the authority to electronically
sign this document to Laura Galban, a Bureau Federal Register Liaison,
for purposes of publication in the Federal Register.
[[Page 46958]]
Dated: August 18, 2021.
Laura Galban,
Federal Register Liaison, Bureau of Consumer Financial Protection.
[FR Doc. 2021-17994 Filed 8-20-21; 8:45 am]
BILLING CODE 4810-AM-P
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</html>Indexed from Federal Register on August 23, 2021.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.