You’ll Never Guess Who Isn’t Ready for This TILA Change and Needs Another Year
The CFPB is proposing a one-year suspension of the requirement that issuers of open-end credit cards send their credit card agreements to the CFPB for quarterly posting in its public database. The CFPB realized that the process for its staff to manually review, catalog and upload new or revised agreements would extend for months after the quarterly submission deadlines. It is working on a more streamlined system that would allow issuers to upload the agreements directly to the database and is giving itself another year to get that system up and running. [2/26/15]
