Newsroom

January 28, 2013

More time to send credit card agreements urged

NAFCU Executive Vice President of Government Affairs Dan Berger on Monday asked the CFPB for improvements in the bureau's process for collecting credit card agreements.

Berger, in a letter to CFPB Director Richard Cordray, urged the CFPB to give credit unions at least 30 business days from the time the bureau sends its request to comply. He said credit unions should also be able to designate multiple "contact persons" to whom the request for submission will be transmitted.

Under CFPB rules, credit unions and other issuers are required to complete a worksheet detailing the agreements on a quarterly basis. NAFCU has heard from a number of members that the process should be improved.