CFPB Wants Better, Faster Database Of Credit Card Agreements

From: Consumerist

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Much like a restaurant that has to shutter for a short time while installing new kitchen equipment, federal regulators occasionally have to press pause on an important process to fix things for the long haul. So in order to improve the Consumer Financial Protection Bureau’s public database of credit card agreements, the agency is planning to give banks a brief break from having to file those documents with the system.

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As a result, the CFPB is proposing [PDF] a one year suspension on credit card issuers’ obligations to manually submit the agreements so that the Bureau can develop a new submission system.

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