Technical Specifications for Credit Card Agreement and Data Submissions Required Under TILA and the CARD Act (Regulation Z), 46953-46958 [2021-17994]
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46953
Rules and Regulations
Federal Register
Vol. 86, No. 160
Monday, August 23, 2021
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.
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)
Bureau of Consumer Financial
Protection.
ACTION: Notification of technical
specifications; procedural rule.
AGENCY:
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.
SUMMARY:
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 https://
reginquiries.consumerfinance.gov. For
technical assistance regarding the
Collect website and submission system,
contact Collect_Support@cfpb.gov. If
you require this document in an
alternative electronic format, please
contact CFPB_Accessibility@cfpb.gov.
SUPPLEMENTARY INFORMATION:
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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
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
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
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).
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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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
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
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
4 15
U.S.C. 1646(b).
of Consumer Fin. Prot., Collect—TCCP
User Guide 2 (Jan. 2019), https://
files.consumerfinance.gov/f/documents/TCCP_
User_Guide_Final.pdf.
6 15 U.S.C. 1646(b)(3).
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), https://
www.reginfo.gov/public/do/
DownloadDocument?objectID=91971901.
8 See Office of Mgmt. & Budget, Notice of Office
of Management and Budget Action (Oct. 24, 2011),
https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=201110-3170-006#
(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 https://
files.consumerfinance.gov/f/documents/bcfp_tccpsurvey_form-2572_instructions.pdf.
10 Bureau of Consumer Fin. Prot., Report of Terms
of Credit Card Plans—Instructions (FR 2572), page
1, https://files.consumerfinance.gov/f/documents/
bcfp_tccp-survey_form-2572_instructions.pdf.
5 Bureau
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must be current as of the Survey date
(i.e., January 31 or July 31).11
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.
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.
For the reasons set forth above,
issuers selected by the Bureau to
11 See, e.g., Bureau of Consumer Fin. Prot., TCCP
Survey FAQs, page 2 (Question 3) (last updated May
1, 2020), https://files.consumerfinance.gov/f/
documents/cfpb_tccp-survey_faq.pdf.
12 The Bureau’s TCCP Survey database is
available at https://cfpb-sites.force.com/
CreditCardPlanSurveys.
13 84 FR 7979 (Mar. 6, 2019).
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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.
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.
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 DoddFrank 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
While TILA section 122(d) requires
that creditors provide agreements to the
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.
15 Public Law 111–24, 123 Stat. 1734 (2009).
16 15 U.S.C. 1632(d).
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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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
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
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).
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.’’).
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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.
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
24 12
CFR 1026.58(b)(1).
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).
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).
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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
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 timeconsuming, 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.
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
29 80 FR 21153, 21154 (Apr. 17, 2015). The
Bureau’s database of credit card agreements is
available at https://www.consumerfinance.gov/
credit-cards/agreements/.
30 80 FR 21153, 21154 (Apr. 17, 2015).
31 See 81 FR 19467 (Apr. 5, 2016).
32 The current instructions for submitting credit
card agreements to the Bureau are available at
https://files.consumerfinance.gov/f/documents/
cfpb_card-agreements-submission-instructions.pdf.
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46955
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
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
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).
37 Specifically, section 1026.57(d)(2) states that
the annual report must include identifying
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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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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.
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.
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).
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 https://
files.consumerfinance.gov/f/201603_cfpb_
consumer-and-college-credit-card-agreementsubmission.pdf.
40 The Bureau’s college credit card marketing
agreement and data website is available at https://
www.consumerfinance.gov/data-research/studentbanking/marketing-agreements-and-data/.
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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.
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
https://collect.consumerfinance.gov.
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 Collect_Support@cfpb.gov.43 The
Collect registration form is available at
https://files.consumerfinance.gov/f/
documents/cfpb_collect-registration.pdf.
Once respondents receive their login
credentials, they will be able to submit
their TCCP Survey information.44
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.
42 15 U.S.C. 1646(b).
43 For questions concerning the registration form,
please contact the Collect Support Team at Collect_
Support@cfpb.gov.
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
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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 https://
www.consumerfinance.gov/dataresearch/credit-card-data/terms-creditcard-plans-survey/. 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 Collect_Support@cfpb.gov.
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 https://
collect.consumerfinance.gov. 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
Collect_Support@cfpb.gov by November
1, 2021.45 The Collect registration form
is available at https://
files.consumerfinance.gov/f/documents/
cfpb_collect-registration.pdf. Once
submitters receive their login
credentials, they will be able to review
their current submissions and make the
required submissions for the fourth
to participate in the Survey, to confirm that they
can successfully access the system. See also note
14.
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 Collect_
Support@cfpb.gov.
E:\FR\FM\23AUR1.SGM
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Federal Register / Vol. 86, No. 160 / Monday, August 23, 2021 / Rules and Regulations
quarter of calendar year 2021 using
Collect, starting on December 1, 2021.
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 Collect_Support@
cfpb.gov.
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 Collect_Support@
cfpb.gov.
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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
https://collect.consumerfinance.gov.
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
VerDate Sep<11>2014
16:11 Aug 20, 2021
Jkt 253001
Collect_Support@cfpb.gov.46 The
Collect registration form is available at
https://files.consumerfinance.gov/f/
documents/cfpb_collect-registration.pdf.
Once submitters receive their login
credentials, they will be able to make
the required submissions using Collect,
starting in January 2022.
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 ‘‘imageonly’’ PDFs, as these are not textsearchable. For questions about file
formats, please contact the Bureau at
Collect_Support@cfpb.gov.
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 Collect_Support@cfpb.gov.
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
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 Collect_
Support@cfpb.gov.
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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46957
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).
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.
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.
50 44
E:\FR\FM\23AUR1.SGM
U.S.C. 3501 et seq.
23AUR1
46958
Federal Register / Vol. 86, No. 160 / Monday, August 23, 2021 / Rules and Regulations
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
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 25
[Docket No. FAA–2020–0893; Special
Conditions No. 25–790–SC]
Special Conditions: Pro Star Aviation
LLC, Bombardier Model CL–600–2B16
Airplanes; Installation of an Infrared
Laser Countermeasure System
Federal Aviation
Administration (FAA), DOT.
ACTION: Final special conditions.
AGENCY:
These special conditions are
issued for the Bombardier Model CL–
600–2B16 (Bombardier) airplane. This
airplane, as modified by Pro Star
Aviation LLC (Pro Star Aviation), will
have a novel or unusual design feature
when compared to the state of
technology envisioned in the
airworthiness standards for transport
category airplanes. This design feature
is a system that emits infrared laser
energy outside the aircraft as a
countermeasure against heat-seeking
missiles. The applicable airworthiness
regulations do not contain adequate or
appropriate safety standards for this
design feature. These special conditions
contain the additional safety standards
that the Administrator considers
necessary to establish a level of safety
equivalent to that established by the
existing airworthiness standards.
DATES: Effective September 22, 2021.
FOR FURTHER INFORMATION CONTACT: Eric
Peterson, Safety Risk Management
Section, AIR–633, Policy and
Innovation Division, Aircraft
Certification Service, Federal Aviation
Administration, 2200 South 216th
Street, Des Moines, Washington 98198;
telephone and fax 206–231–3413; email
Eric.M.Peterson@faa.gov.
SUPPLEMENTARY INFORMATION:
jbell on DSKJLSW7X2PROD with RULES
SUMMARY:
airplane, which is a derivative of the
Bombardier Model CL–600 series
airplanes currently approved under
Type Certificate No. A21EA, is a twinengine business jet with seating for 20
passengers and two crewmembers, and
a maximum takeoff weight of 47,600
pounds.
Type Certification Basis
Under the provisions of title 14, Code
of Federal Regulations (14 CFR) 21.101,
Pro Star Aviation must show that the
Bombardier Model CL–600–2B16
airplane, as changed, continues to meet
the applicable provisions of the
regulations listed in Type Certificate No.
A21EA, or the applicable regulations in
effect on the date of application for the
change, except for earlier amendments
as agreed upon by the FAA.
If the Administrator finds that the
applicable airworthiness regulations
(e.g., 14 CFR part 25) do not contain
adequate or appropriate safety standards
for the Bombardier Model CL–600–2B16
airplane because of a novel or unusual
design feature, special conditions are
prescribed under the provisions of
§ 21.16.
Special conditions are initially
applicable to the model for which they
are issued. Should the applicant apply
for a supplemental type certificate to
modify any other model included on the
same type certificate to incorporate the
same novel or unusual design feature,
these special conditions would also
apply to the other model under § 21.101.
In addition to the applicable
airworthiness regulations and special
conditions, the Bombardier Model CL–
600–2B16 airplane must comply with
the fuel-vent and exhaust-emission
requirements of 14 CFR part 34, and the
noise-certification requirements of 14
CFR part 36.
The FAA issues special conditions, as
defined in 14 CFR 11.19, in accordance
with § 11.38, and they become part of
the type certification basis under
§ 21.101.
Background
Novel or Unusual Design Features
The Bombardier Model CL–600–2B16
airplane, as modified by Pro Star
Aviation, will incorporate the following
novel or unusual design feature:
A system that emits infrared laser
energy outside the aircraft.
On December 7, 2018, Pro Star
Aviation applied for a supplemental
type certificate to install a ‘‘Large
Aircraft Infrared Countermeasure
(LAIRCM)’’ system, which directs
infrared laser energy toward heatseeking missiles, on the Bombardier
Model CL–600–2B16 airplane. This
Discussion
In recent years, in several incidents
abroad, civilian aircraft were fired upon
by man-portable air defense systems
(MANPADS). This has led several
companies to design and adapt systems
like LAIRCM for installation on civilian
aircraft, to protect those aircraft against
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16:11 Aug 20, 2021
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heat-seeking missiles. Pro Star
Aviation’s LAIRCM system directs
infrared laser energy toward an
incoming missile, in an effort to
interrupt the missile’s tracking of the
aircraft’s heat.
Infrared laser energy can pose a
hazard to persons on the aircraft, on the
ground, and on other aircraft. The risk
is heightened because infrared light is
invisible to the human eye. Human
exposure to infrared laser energy can
result in eye and skin damage, and
affect a flight crew’s ability to control
the aircraft. Infrared laser energy can
also affect other aircraft, whether
airborne or on the ground, and property,
such as fuel trucks and airport
equipment, in a manner that adversely
affects aviation safety.
FAA design standards for transport
category airplanes did not envisage that
a design feature could project infrared
laser energy outside the airplane. The
FAA’s design standards are inadequate
to address this capability. Therefore,
this system is a novel or unusual design
feature, and the FAA has developed
these special conditions to establish a
level of safety equivalent to that of the
regulations.
Special conditions are also warranted,
per 14 CFR 21.16, because FAA design
standards are inappropriate for this
design feature. 14 CFR 25.1301 requires
installed equipment to be of a design
that is appropriate for its intended
function. The FAA has no basis to
determine whether this LAIRCM system
will successfully perform its intended
function of thwarting heat-seeking
missiles.
Ground Activation. Condition 1
requires the design to have means to
prevent inadvertent operation of the
system while the airplane is on the
ground, including during maintenance.
These means must identify and address
all foreseeable failure modes that may
result in inadvertent operation. These
modes include errors in airplane
maintenance and operating procedures,
such as erroneously setting the system
to ‘‘air’’ mode while the airplane is on
the ground. The applicant could show
such failure modes, their risks, and how
they will be addressed, by conducting
safety assessments and incorporating
prevention strategies into the design.
In-Flight Activation. Condition 2
requires that the system be designed so
that in-flight operation does not result
in damage to the airplane or to other
aircraft, or injury to any person. To
account for these effects, the applicant’s
analysis should include effects from the
system’s erroneous operation, from
system failures, and from failures that
may not be readily detectable prior to
E:\FR\FM\23AUR1.SGM
23AUR1
]]>Agencies
[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 [www.gpo.gov]
[FR Doc No: 2021-17994]
========================================================================
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.
-----------------------------------------------------------------------
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 https://reginquiries.consumerfinance.gov. For technical assistance regarding
the Collect website and submission system, contact
[email protected]. If you require this document in an
alternative electronic format, please contact
[email protected].
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\
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\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).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 1646(b).
\5\ Bureau of Consumer Fin. Prot., Collect--TCCP User Guide 2
(Jan. 2019), https://files.consumerfinance.gov/f/documents/TCCP_User_Guide_Final.pdf.
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 1646(b)(3).
---------------------------------------------------------------------------
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\
---------------------------------------------------------------------------
\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), https://www.reginfo.gov/public/do/DownloadDocument?objectID=91971901.
\8\ See Office of Mgmt. & Budget, Notice of Office of Management
and Budget Action (Oct. 24, 2011), https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201110-3170-006# (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 https://files.consumerfinance.gov/f/documents/bcfp_tccp-survey_form-2572_instructions.pdf.
\10\ Bureau of Consumer Fin. Prot., Report of Terms of Credit
Card Plans--Instructions (FR 2572), page 1, https://files.consumerfinance.gov/f/documents/bcfp_tccp-survey_form-2572_instructions.pdf.
\11\ See, e.g., Bureau of Consumer Fin. Prot., TCCP Survey FAQs,
page 2 (Question 3) (last updated May 1, 2020), https://files.consumerfinance.gov/f/documents/cfpb_tccp-survey_faq.pdf.
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\12\ The Bureau's TCCP Survey database is available at https://cfpb-sites.force.com/CreditCardPlanSurveys.
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\13\ 84 FR 7979 (Mar. 6, 2019).
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\15\ Public Law 111-24, 123 Stat. 1734 (2009).
\16\ 15 U.S.C. 1632(d).
---------------------------------------------------------------------------
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 https://www.consumerfinance.gov/credit-cards/agreements/.
\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 https://files.consumerfinance.gov/f/documents/cfpb_card-agreements-submission-instructions.pdf.
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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 https://files.consumerfinance.gov/f/201603_cfpb_consumer-and-college-credit-card-agreement-submission.pdf.
\40\ The Bureau's college credit card marketing agreement and
data website is available at https://www.consumerfinance.gov/data-research/student-banking/marketing-agreements-and-data/.
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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 https://collect.consumerfinance.gov. 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 [email protected].\43\ The Collect registration
form is available at https://files.consumerfinance.gov/f/documents/cfpb_collect-registration.pdf. 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 [email protected].
\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 https://www.consumerfinance.gov/data-research/credit-card-data/terms-credit-card-plans-survey/. 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
[email protected].
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
https://collect.consumerfinance.gov. 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 [email protected] by November 1, 2021.\45\ The Collect
registration form is available at https://files.consumerfinance.gov/f/documents/cfpb_collect-registration.pdf. 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 [email protected].
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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 [email protected].
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 [email protected].
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 https://collect.consumerfinance.gov. 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 [email protected].\46\ The Collect registration form is
available at https://files.consumerfinance.gov/f/documents/cfpb_collect-registration.pdf. 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 [email protected].
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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 [email protected].
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 [email protected].
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
