Banking and Finance Law Daily CFPB requests comment on information collection for credit card plans
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Monday, September 20, 2021

CFPB requests comment on information collection for credit card plans

By Nicole D. Prysby, J.D.

The Bureau requested comment on revisions to an existing information collection related to data on credit card pricing and college credit card agreements.

The Consumer Financial Protection Bureau has published a notice and request for comment on a revision of an existing information collection related to reporting terms of credit card plans and consumer and college credit card agreements. The notice relates to data collected by the Bureau regarding agreements between issuers and consumers 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. Comments are due Oct. 12, 2021.

The Bureau published a notice and request for comment on its existing information collection, “Report of Terms of Credit Card Plans (Form FR 2572) and Consumer and College Credit Card Agreements.” The Bureau will continue to use both information collections to gather different types of credit card data. Each information collection requires different forms of credit card data from credit card issuers as required by the Truth in Lending Act (TILA) and implementing regulations.

Form FR 2572 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 sections 1026.57(d) and 226.58 require card issuers to submit agreements between the issuer and consumers 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.

The Bureau estimates that there are 615 respondents for the information collection, with 501 total annual burden hours. Comments are requested on the following:

  • whether the collection of information is necessary for the proper performance of the functions of the Bureau, including whether the information will have practical utility;
  • the accuracy of the Bureau’s estimate of the burden of the collection of information;
  • ways to enhance the quality, utility, and clarity of the information to be collected; and
  • ways to minimize the burden of the collection of information on respondents.

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