The Consumer Financial Protection Bureau has reinstated the requirement for credit card issuers to register their card agreements following a one-year suspension on the requirement that came to an end on April 1. In April 2015, the quarterly submission was suspended as the CFBP worked on streamlining a database of the agreements.
The deadline for credit card issues to submit their agreements is May 2, 2016. In addition, issuers have to also provide their name, address, as well as a unique identifying number. The Bureau will also accept an email with a link to the webpage instead of a PDF attachment of the agreement.
Those card issuers who have fewer than 10,000 open credit cards accounts dating to the last business day of the calendar quarter are exempt from this requirement.
For more information, please visit https://www.cuna.org/compliance/