14 Sep Cfpb Credit Card Agreement Submission
1. Notification of Termination of Contract. Pursuant to section 1026.58(c)(4), a card issuer must inform the Bureau if an agreement previously submitted to the Office by that exhibitor is no longer available to the public until the first quarterly submission date following the last day of the calendar quarter in which the card issuer no longer proposed the agreement. For example, on January 5, a card issuer ceases to offer the public an agreement that it has previously submitted to the Bureau. The card issuer must inform the Bureau that the agreement will be withdrawn before April 30, the first quarterly filing deadline after March 31, the last day of the calendar quarter in which the card issuer no longer offers the agreement. 1. No obligation to re-submit agreements that have not been amended. Under Article 1026.58(c)(3), no additional deposit is required in respect of this agreement if a credit card agreement has been submitted to the office, the agreement has not been amended, and the card issuer continues to offer the agreement to the public. For example, a credit card issuer begins in October with the offer of an agreement and submits the agreement to the office on the following January 31, as required by section 1026.58(c)(1). As of March 31, the card issuer has not amended the agreement and continues to offer the agreement to the public. The card issuer is not required to submit anything about this agreement to the Bureau before April 30. If none of these reasons apply and you are still unable to reach an agreement, call them to request a copy of your agreement.
Under federal law, your credit card issuer is required to provide a copy of your agreement upon request. Overall, the Bureau believes that the marginal costs to consumers and other outside parties will be offset by interrupted access during the suspension period by the expected benefits of greater utility of agreements and accelerated availability of agreements on the Bureau`s website, after the Bureau has implemented a more streamlined and automated submission system. The Office intends to examine the potential functions of the new system, which would improve the ability of external parties to use information effectively and efficiently, for example by improving reporting functions. In addition, by streamlining the submission process, the Bureau also intends to reduce the burden on card issuers. iv. Change in the name of the credit card to which the program applies. (3) Agreements settled pursuant to Article 1026, paragraph 58 (d), may be settled in any electronic format that is easily usable by the general public. Agreements must be placed in a place that is important and easily accessible to the public and that must be accessible without providing personal data.
2. Individualized Agreements. It is considered that a card issuer offers a credit card contract to the public, even if the terms of the contract are changed immediately after opening an account on terms that are not available to the public. 1. the inclusion of price information. For the purposes of this Section, a credit card agreement shall be considered to contain certain information, such as actual annual interest and fees, even if the issuer does not include that information elsewhere in the basic credit agreement. This information is included in the term “price information” as defined in paragraph 1026.58(b)(7). .