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FOR IMMEDIATE RELEASE | April 15, 2015

NAFCU Statement in Response to CFPB Final Rule Suspending Credit Card Issuers' Agreement Reporting For One Year

FOR IMMEDIATE RELEASE

NAFCU Statement in Response to CFPB Final Rule Suspending Credit Card Issuers' Agreement Reporting For One Year

Washington (April 15, 2015) - National Association of Federal Credit Unions (NAFCU) Regulatory Affairs Counsel Alexander Monterrubio issued the following statement in response to Consumer Financial Protection Bureau's (CFPB) final rule suspending for one year credit card issuers' obligations to submit their credit card agreements to the bureau.

"Credit unions consistently strive to provide their members with useful and accurate financial information," said Monterrubio. "NAFCU commends CFPB for taking the first step toward eliminating the burdensome e-mail submission system. We look forward to providing feedback to CFPB over the coming months as it works to develop a more efficient submission system."

Under the rule, credit card issuers will not be required to submit agreements that would otherwise have been due to the bureau by the first business day on or after April 30, July 31, and October 31 of 2015, and January 31, 2016. Credit card issuers must resume submitting credit card agreements on a quarterly basis to the bureau starting on April 30, 2016.

During the temporary suspension period, CFPB will collect consumer credit card agreements from the largest card issuers' public websites and post the agreements to its online consumer credit card agreements database.

The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

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Contact: Patty Briotta | 703-842-2820 | pbriotta@nafcu.org