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NAFCU, trades write to CFPB regarding credit card terms collection
NAFCU joined several trades on a letter to the CFPB on Monday regarding the bureau’s request for comment on the Paperwork Reduction Act as it relates to the collection of credit card terms.
The letter requests that the bureau issue a supplemental notice that clarifies the specific proposed revision to the existing information collection. The letter also asks the CFPB to extend the comment deadline to 60 days from the date of that supplemental notice.
In addition, the letter asks the CFPB to clarify who the selected issuers are, how the bureau intends to calculate the median APR, what that median APR would mean for consumers, and what the credit score tiers might be.
NAFCU penned a letter in early August to the bureau regarding credit card late fees. The association also joined a joint trades letter on late fees in late June.
Comments on the Paperwork Reduction Act notice are due October 17; NAFCU will continue to engage with the CFPB regarding this notice