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CFPB issued a final rule which temporarily suspends the requirement that card issuers, including credit unions, submit their consumer credit card agreements to the bureau.

The institutions will continue to be required to post the agreements on their public websites as required by the 2009 Credit Card Accountability, Responsibility, and Disclosure (CARD) Act. The obligation to submit agreements to the bureau will be suspended for one year while the bureau develops a more streamlined and automated electronic submission system.

NAFCU Regulatory Affairs Counsel Alexander Monterrubio welcomed the announcement. "Credit unions consistently strive to provide their members with useful and accurate financial information," he said. "NAFCU commends CFPB for taking the first step toward eliminating the burdensome email submission system. We look forward to providing feedback to CFPB, over the coming months, as they work to develop a more efficient submission system."

CFPB will collect credit card agreement information from the largest card issuers' websites during the suspension period and post them to its online consumer credit card agreements database.