Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Proposed Rules 10417 

1Section 1026.58 uses the terms card issuer (or 

issuer) and credit card agreement (or agreement) in 

lieu of the terms creditor and open-end consumer 

credit card plan, respectively, that are used in 

section 122(d) of TILA. 

by this section. Other disinfectants may 

also be approved by the Administrator 

in accordance with paragraph (a)(1) of 

this section. 

(3) The Administrator will withdraw 

approval of a disinfectant, and remove 

it from the list of approved disinfectants 

in the Program Handbook, if the 

disinfectant no longer meets the 

conditions for approval in this section. 

(b) The time at which the cleaning 

and disinfection are to be performed 

must be approved by the APHIS 

representative, who will give approval 

only if he or she determines that the 

cleaning and disinfection will be 

effective up to the projected time the 

livestock will be loaded. If the livestock 

are not loaded by the projected time, the 

APHIS representative will determine 

whether further cleaning and 

disinfection are necessary. 

(c) The cleaning must remove all 

garbage, soil, manure, plant materials, 

insects, paper, and other debris from the 

stowage area. The disinfectant solution 

must be applied with a device that 

creates an aerosol or mist that covers 

100 percent of the surfaces in the 

stowage area, except for any loaded 

cargo and deck surface under it that, in 

the opinion of the APHIS representative, 

do not contain material, such as garbage, 

soil, manure, plant materials, insects, 

waste paper, or debris, that may harbor 

animal disease pathogens. 

(d) After cleaning and disinfection is 

performed, the APHIS representative 

will sign and deliver to the captain of 

the aircraft or other responsible official 

of the airline involved a document 

stating that the aircraft has been 

properly cleaned and disinfected, and 

stating further the date, the carrier, the 

flight number, and the name of the 

airport and the city and state in which 

it is located. If an aircraft is cleaned and 

disinfected at one airport, then flies to 

a subsequent airport, with or without 

stops en route, to load animals for 

export, an APHIS representative at the 

subsequent airport will determine, 

based on examination of the cleaning 

and disinfection documents, whether 

the previous cleaning and disinfection 

is adequate or whether to order a new 

cleaning and disinfection. If the aircraft 

has loaded any cargo in addition to 

animals, the APHIS representative at the 

subsequent airport will determine 

whether to order a new cleaning and 

disinfection, based on both examination 

of the cleaning and disinfection 

documents and on the inspection of the 

stowage area for materials, such as 

garbage, soil, manure, plant materials, 

insects, waste paper, or debris, that may 

harbor animal disease pathogens. 

(e) Cargo containers used to ship 

livestock must be designed and 

constructed of a material of sufficient 

strength to securely contain the animals 

and must provide sufficient space for 

the species being transported given the 

duration of the trip, as determined by 

APHIS. 

§ 91.14 Other movements and conditions. 

The Administrator may, upon request 

in specific cases, permit the exportation 

of livestock not otherwise provided for 

in this part under such conditions as he 

or she may prescribe in each specific 

case to prevent the spread of livestock 

diseases and to ensure the humane 

treatment of the animals during 

transport to the importing country. 

Done in Washington, DC, this 20th day of 

February 2015. 

Kevin Shea, 

Administrator, Animal and Plant Health 

Inspection Service. 

[FR Doc. 2015–04013 Filed 2–25–15; 8:45 am] 

BILLING CODE 3410–34–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Part 1026 

[Docket No. CFPB–2015–0006] 

RIN 3170–AA50 

Submission of Credit Card Agreements 

Under the Truth In Lending Act 

(Regulation Z) 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Proposed rule; request for 

public comment. 

SUMMARY: The Bureau of Consumer 

Financial Protection (Bureau) is 

proposing to amend Regulation Z, 

which implements the Truth in Lending 

Act, and the official interpretation to 

that regulation. The proposal would 

temporarily suspend card issuers’ 

obligations to submit credit card 

agreements to the Bureau for a period of 

one year (i.e., four quarterly 

submissions), in order to reduce burden 

while the Bureau works to develop a 

more streamlined and automated 

electronic submission system. Other 

requirements, including card issuers’ 

obligations to post currently-offered 

agreements on their own Web sites, 

would remain unaffected. 

DATES: Comments must be received on 

or before March 13, 2015. 

ADDRESSES: You may submit comments, 

identified by Docket No. CFPB–2015– 

0006 or RIN 3170–AA50, by any of the 

following methods: 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Email: FederalRegisterComments@

cfpb.gov. Include Docket No. CFPB– 

2015–0006 and/or RIN 3170–AA50 in 

the subject line of the email. 

• Mail: Monica Jackson, Office of the 

Executive Secretary, Consumer 

Financial Protection Bureau, 1700 G 

Street NW., Washington, DC 20552. 

• Hand Delivery/Courier: Monica 

Jackson, Office of the Executive 

Secretary, Consumer Financial 

Protection Bureau, 1275 First Street NE., 

Washington, DC 20002. 

Instructions: All submissions should 

include the agency name and docket 

number or Regulatory Information 

Number (RIN) for this rulemaking. 

Because paper mail in the Washington, 

DC area and at the Bureau is subject to 

delay, commenters are encouraged to 

submit comments electronically. In 

general, all comments received will be 

posted without change to http://

www.regulations.gov. In addition, 

comments will be available for public 

inspection and copying at 1275 First 

Street NE., Washington, DC 20002, on 

official business days between the hours 

of 10 a.m. and 5 p.m. Eastern Time. You 

can make an appointment to inspect the 

documents by telephoning (202) 435– 

7275. 

All comments, including attachments 

and other supporting materials, will 

become part of the public record and 

subject to public disclosure. Sensitive 

personal information, such as account 

numbers or social security numbers, 

should not be included. Comments 

generally will not be edited to remove 

any identifying or contact information. 

FOR FURTHER INFORMATION CONTACT: 

Thomas L. Devlin, Counsel, or Kristine 

M. Andreassen, Senior Counsel, Office 

of Regulations, at (202) 435–7700. 

SUPPLEMENTARY INFORMATION: 

I. Summary of the Proposed Rule 

The Truth in Lending Act (TILA), in 

section 122(d), requires creditors to post 

agreements for open-end consumer 

credit card plans on the creditors’ Web 

sites and to submit those agreements to 

the Bureau. 15 U.S.C. 1632(d). These 

provisions are implemented in 

§ 1026.58 of Regulation Z.1 12 CFR 

1026.58. The Bureau is proposing to 

temporarily suspend the requirement in 

§ 1026.58(c) that card issuers submit 

credit card agreements to the Bureau for 


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10418 Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Proposed Rules 

2Public Law 111–24, 123 Stat. 1734 (2009). 

3Public Law 111–203, section 1100A, 124 Stat. 

2081 (2010) (codified at 15 U.S.C. 1602 et seq.). 

4 76 FR 79768 (Dec. 22, 2011). 

5The Bureau’s database of credit card agreements 

is available at http://www.consumerfinance.gov/

credit-cards/agreements/. 

6See, e.g., CFPB, CARD Act Report, at 13–14 (Oct. 

1, 2013), available at http://

files.consumerfinance.gov/f/201309_cfpb_card-actreport.pdf. 

a period of one year (i.e., four quarterly 

submissions), in order to reduce burden 

while the Bureau works to develop a 

more streamlined and automated 

electronic submission system. 

Specifically, the Bureau is proposing to 

suspend the submissions that would 

otherwise be due to the Bureau by the 

first business day on or after April 30, 

2015; July 31, 2015; October 31, 2015; 

and January 31, 2016. Beginning with 

the submission due on the first business 

day on or after April 30, 2016, card 

issuers would resume submitting credit 

card agreements on a quarterly basis to 

the Bureau. Other requirements under 

§ 1026.58, including card issuers’ 

obligations to post currently-offered 

agreements on their own Web sites 

under § 1026.58(d), would remain 

unaffected. 

II. Background 

In 2009, Congress enhanced 

protections for credit cards in the Credit 

Card Accountability Responsibility and 

Disclosure Act (CARD Act), which it 

enacted to ‘‘establish fair and 

transparent practices related to the 

extension of credit’’ in the credit card 

market.2 The Board of Governors of the 

Federal Reserve System (Board) 

generally implemented the CARD Act’s 

provisions in subpart G of Regulation Z. 

Section 204 of the CARD Act added new 

TILA section 122(d) to require creditors 

to post agreements for open-end 

consumer credit card plans on the 

creditors’ Web sites and to submit those 

agreements to the Board for posting on 

a publicly available Web site established 

and maintained by the Board. 15 U.S.C. 

1632(d). 

Specifically, TILA section 122(d)(1) 

requires each creditor to post its credit 

card agreements on its own Web site, 

and section 122(d)(2) requires the 

creditor to provide its agreements to the 

Bureau (formerly the Board). TILA 

section 122(d)(3) requires the Bureau 

(formerly the Board) to establish and 

maintain on its publicly available Web 

site a central repository of the 

agreements it receives under section 

122(d)(2). The Board implemented these 

provisions in 12 CFR 226.58. With the 

adoption of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act 

(Dodd-Frank Act), authority to 

implement TILA transferred to the 

Bureau 3 and the Bureau renumbered 

this provision in Regulation Z as 

§ 1026.58.4

While TILA section 122(d) requires 

that creditors provide agreements to the 

Bureau, it does not specify the 

frequency or timing for these 

submissions. The implementing 

regulations in Regulation Z provide that 

submission of currently-offered 

agreements must be made quarterly. See 

§ 1026.58(c)(1). These quarterly 

submissions must be sent to the Bureau 

no later than the first business day on 

or after January 31, April 30, July 31, 

and October 31 of each year. The 

regulation also provides that, except in 

certain circumstances, card issuers must 

post and maintain on their publicly 

available Web sites the credit card 

agreements that the issuers are required 

to submit to the Bureau. See 

§ 1026.58(d). 

Under the current process, which has 

been used by the Bureau since its 

inception, card issuers submit 

agreements and agreement information 

to the Bureau manually via email. The 

Bureau believes this process may be 

unnecessarily cumbersome for issuers 

and may make issuers’ own internal 

tracking of previously submitted 

agreements difficult. In addition, the 

current process for Bureau staff to 

manually review, catalog, and upload 

new or revised agreements to the 

Bureau’s Web site, and to remove 

outdated agreements, can extend for 

several months after the quarterly 

submission deadline.5 The Bureau is 

working to develop a more streamlined 

and automated electronic submission 

system which would allow issuers to 

upload agreements directly to the 

Bureau’s database. The Bureau intends 

for its new submission system to be less 

burdensome and easier for issuers to 

use. It also intends for the new system 

to enable faster posting of new and 

revised agreements on the Bureau’s Web 

site. 

In order to reduce the burden on card 

issuers of continuing to use manual 

submission methods while the Bureau 

works to design, test, and implement a 

more streamlined and automated 

electronic submission system, the 

Bureau is proposing to temporarily 

suspend issuers’ obligations to submit 

credit card agreements to the Bureau for 

a period of one year (i.e., four quarterly 

submissions), as described in more 

detail in the section-by-section analysis 

below. Issuers’ obligations to post 

currently-offered agreements on their 

own Web sites would be unaffected. 

The Bureau recognizes that its 

proposed temporary suspension of the 

requirement that card issuers submit 

credit card agreements to the Bureau 

would temporarily reduce the access 

consumers, other external parties, and 

the Bureau itself would have to a single 

repository of the agreements that would 

have been submitted during this oneyear period. However, the Bureau 

believes that this temporary reduction 

would not impose significant costs on 

consumers, other external parties, or the 

Bureau itself for at least two key 

reasons. First, the Bureau is not 

proposing to modify the requirement 

that card issuers post currently-offered 

agreements on their own Web sites in a 

manner that is prominent and readily 

accessible by the public (§ 1026.58(d)) 

or that card issuers make all open 

agreements available on their Web sites 

or to cardholders upon request 

(§ 1026.58(e)). 

Second, the Bureau intends to 

manually compile credit card 

agreements from certain large card 

issuers’ Web sites as of approximately 

September 2015. Given the longstanding 

concentration in the credit card market, 

the Bureau believes that uploading 

agreements obtained from a relatively 

small number of issuers’ Web sites to 

the Bureau’s own Web site is sufficient 

to provide the agreement terms available 

to the overwhelming majority of credit 

card consumers in the U.S. as of the 

mid-point of the proposed suspension 

period.6 This will allow consumers to 

continue to use the Bureau’s Web site to 

effectively compare agreements offered 

by various issuers. 

Overall, the Bureau anticipates that 

the marginal costs to consumers and 

other external parties from interrupted 

access during the suspension period 

will be outweighed by the anticipated 

benefits of increased usability of the 

agreements and expedited availability of 

agreements on the Bureau’s Web site 

after the Bureau implements a more 

streamlined and automated submission 

system. The Bureau intends to explore 

potential functionality for the new 

system that would improve external 

parties’ ability to use the information 

efficiently and effectively, such as 

through improved reporting capabilities. 

In addition, by streamlining the 

submission process, the Bureau intends 

for the new system to also reduce 

burden on card issuers. 

III. Legal Authority 

TILA section 105(a) authorizes the 

Bureau to prescribe regulations to carry 


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Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Proposed Rules 10419 

7The Bureau proposed a requirement similar to 

that of § 1026.58 for prepaid accounts. See 79 FR 

77102, 77191 (Dec. 23, 2014). The Bureau noted 

that it ‘‘expects to provide additional details 

regarding the electronic submission process in 

connection with the release of its final rule on this 

subject. Issuers will have no submission obligations 

until the Bureau has issued technical specifications 

addressing the form and manner for submission of 

agreements. The Bureau intends for the streamlined 

electronic submission process to be operational 

before proposed § 1005.19(b) becomes effective.’’ Id. 

at 77196. The Bureau intends to explore whether 

the same streamlined electronic submission process 

can be used to collect agreements from both card 

issuers and prepaid account issuers. 

8Specifically, section 1022(b)(2)(A) of the DoddFrank Act calls for the Bureau to consider the 

potential benefits and costs of a regulation to 

consumers and covered persons, including the 

potential reduction of access by consumers to 

consumer financial products or services; the impact 

on depository institutions and credit unions with 

$10 billion or less in total assets as described in 

section 1026 of the Dodd-Frank Act; and the impact 

on consumers in rural areas. 

out the purposes of TILA. These 

regulations may contain such 

classifications, differentiations, or other 

provisions, and may provide for such 

adjustments and exceptions for any 

class of transactions, that in the 

Bureau’s judgment are necessary or 

proper to effectuate the purposes of 

TILA, facilitate compliance with TILA, 

or prevent circumvention or evasion of 

TILA. TILA section 122(d)(5) authorizes 

the Bureau to promulgate regulations to 

implement section 122(d), including, 

among other things, establishing 

exceptions to TILA sections 122(d)(1) 

and (2) in any case where the 

administrative burden outweighs the 

benefits of increased transparency. 

The Bureau proposes to exercise its 

rulemaking authority pursuant to TILA 

sections 105(a) and 122(d)(5) to, in 

effect, change the period for creditors’ 

submission of agreements to the Bureau 

from quarterly to annually, for a period 

of one year. The Bureau also proposes 

to exercise its exception authority under 

TILA sections 105(a) and 122(d)(5) to 

temporarily suspend the agreement 

submission requirements in 

§ 1026.58(c), as it believes the burden to 

issuers of continuing to submit 

agreements under the current 

cumbersome, manual process while the 

Bureau works to develop a more 

streamlined and automated electronic 

submission system outweighs the 

benefits of transparency to consumers 

and other external parties of access to 

those agreements via the Bureau’s Web 

site during the proposed suspension 

period. Further, the Bureau believes that 

a temporary suspension would 

effectuate the purposes of TILA and 

facilitate compliance therewith. 

IV. Section-by-Section Analysis of the 

Proposed Rule 

Regulation Z 

Subpart G—Special Rules Applicable to 

Credit Card Accounts and Open-End 

Credit Offered to College Students 

Section 1026.58 Internet Posting of 

Credit Card Agreements 

58(g) Temporary Suspension of 

Agreement Submission Requirement 

The Bureau is proposing, in 

§ 1026.58(g)(1), to temporarily suspend 

the quarterly credit card agreement 

submission requirement in § 1026.58(c) 

for submissions that would otherwise be 

due to the Bureau by the first business 

day on or after April 30, 2015; July 31, 

2015; October 31, 2015; and January 31, 

2016. Proposed comment 58(g)–1 would 

further clarify this provision. 

Proposed comment 58(g)–2 would 

explain that, beginning with the 

submission due on the first business day 

on or after April 30, 2016, card issuers 

shall resume submitting credit card 

agreements on a quarterly basis to the 

Bureau pursuant to § 1026.58(c). A card 

issuer shall submit agreements for the 

prior calendar quarter (that is, the 

calendar quarter ending March 31, 

2016), as required by § 1026.58(c)(1)(ii) 

through (iv) and (c)(3) through (7), to the 

Bureau no later than the first business 

day on or after April 30, 2016. 

Proposed comment 58(g)–2.i would 

explain what must be included in the 

submission due on the first business day 

on or after April 30, 2016, as required 

by § 1026.58(c)(1)(i) through (iv) and 

(c)(3) through (7). Proposed comment 

58(g)–2.ii would explain that, in lieu of 

providing new and amended 

agreements, and notice of withdrawn 

agreements, for the April 30, 2016 

submission, § 1026.58(c)(1) and 

comment 58(c)(1)–3 permit a card issuer 

to submit to the Bureau a complete, 

updated set of the credit card 

agreements the card issuer offered to the 

public as of the calendar quarter ending 

March 31, 2016. 

Section 1026.58(d) requires a card 

issuer to post and maintain on its 

publicly available Web site the credit 

card agreements that the issuer is 

required to submit to the Bureau under 

§ 1026.58(c). Proposed § 1026.58(g)(2) 

would provide that the suspended 

submission requirement in proposed 

§ 1026.58(g)(1) would not affect card 

issuers’ obligations to post agreements 

on their own Web sites as required by 

§ 1026.58(d) during the temporary 

suspension period. Proposed comment 

58(g)–3 would further explain this 

provision and provide several examples. 

The Bureau solicits comment on its 

proposal to temporarily suspend the 

obligation card issuers would otherwise 

have under § 1026.58(c) to submit credit 

card agreements to the Bureau for the 

four quarterly submissions that would 

otherwise be due to the Bureau by the 

first business day on or after April 30, 

2015; July 31, 2015; October 31, 2015; 

and January 31, 2016. 

For the quarterly submission due on 

the first business day on or after April 

30, 2016, card issuers must follow any 

technical specifications for submission 

that the Bureau releases. The Bureau 

shall provide advance notice to card 

issuers of such technical specifications. 

The Bureau is not seeking comment on 

possible technical specifications for the 

credit card agreement submission 

process. 

The Bureau notes that annual 

submission of college credit card 

agreements and related data pursuant to 

§ 1026.57(d) and the biannual 

submission of credit card pricing and 

availability information pursuant to 15 

U.S.C. 1646(b) are not affected by this 

proposal. At present, the Bureau intends 

to continue using existing systems and 

processes to receive those submissions, 

which are less frequent and involve 

fewer issuers. At the time the Bureau 

implements a more streamlined and 

automated electronic system for 

submission of quarterly credit card 

agreements, however, the Bureau 

expects to review that system’s potential 

suitability for other submissions.7

V. Proposed Effective Date 

The Bureau proposes that the changes 

proposed herein take effect immediately 

upon publication of a final rule in the 

Federal Register. As discussed above, 

the Bureau is working to develop a more 

streamlined and automated electronic 

submission system which would allow 

card issuers to upload credit card 

agreements directly to the Bureau’s 

database. The Bureau is proposing an 

immediate effective date for its 

temporary suspension of the 

requirement that card issuers submit 

credit card agreements to the Bureau. 

The Bureau seeks comment on 

whether its proposed changes should 

take effect immediately upon 

publication of a final rule in the Federal 

Register or if a later effective date is 

more appropriate. 

VI. Section 1022(b)(2) of the DoddFrank Act 

A. Overview 

In developing the proposed rule, the 

Bureau has considered potential 

benefits, costs, and impacts.8 The 

Bureau requests comment on the 

preliminary analysis presented below as 

well as submissions of additional data 


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10420 Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Proposed Rules 

9The Bureau notes that card issuers who submit 

a smaller number of agreements to the Bureau, but 

that only submit new and amended agreements and 

notice of withdrawn agreements, may have higher 

compliance costs than issuers who resubmit each 

quarter all agreements that are currently available 

to consumers. Thus, using the number of 

agreements submitted each quarter does not strictly 

track compliance cost. However, the Bureau expects 

that the number of agreements submitted and 

compliance cost are correlated even for those who 

submit all available agreements each quarter 

because they still have to ensure they are not 

sending agreements that are no longer offered to 

new customers or are entirely defunct. 

that could inform the Bureau’s analysis 

of the benefits, costs, and impacts. The 

Bureau has consulted, or offered to 

consult with, the prudential regulators, 

the Department of the Treasury, and the 

Federal Trade Commission, including 

regarding consistency with any 

prudential, market, or systemic 

objectives administered by such 

agencies. 

Pursuant to TILA section 122(d)(3), 

the Bureau maintains on its public Web 

site a repository of the consumer credit 

card agreements that card issuers submit 

pursuant to § 1026.58(c). The electronic 

folders in the repository are organized 

by quarter, back to the third quarter of 

2011, reflecting the transfer of authority 

to implement TILA from the Board to 

the Bureau pursuant to the Dodd-Frank 

Act. For each quarter, the repository 

contains a copy of each agreement, in 

PDF format, that was available to 

consumers as of the end of that quarter. 

The repository also contains, for each 

quarter, a spreadsheet that provides 

certain identifying information about 

each agreement and the issuer thereof. 

Proposed § 1026.58(g) would 

temporarily suspend the requirement in 

§ 1026.58(c) for card issuers to submit 

credit card agreements to the Bureau. 

Under the proposed rule, card issuers 

would not be required to make quarterly 

submissions to the Bureau for the 

submissions that would otherwise be 

due by the first business day on or after 

April 30, 2015; July 31, 2015; October 

31, 2015; and January 31, 2016. 

Consequently, the Bureau would not 

provide these agreements on its Web 

site. As discussed previously, however, 

the Bureau intends to manually compile 

credit card agreements from certain 

large card issuer Web sites as of 

approximately September 2015 and to 

post those agreements on its Web site. 

Card issuers would resume submitting 

agreements on a quarterly basis to the 

Bureau beginning with the submission 

due by the first business day on or after 

April 30, 2016. The Bureau is not 

proposing to modify the requirement 

that card issuers post currently-offered 

agreements on their own Web sites in a 

manner that is prominent and readily 

accessible by the public (§ 1026.58(d)) 

or that card issuers make all open 

agreements available on their Web sites 

or to cardholders upon request 

(§ 1026.58(e)). 

B. Potential Benefits and Costs to 

Consumers and Covered Persons 

The Bureau is not aware of any 

significant costs to consumers that 

might arise from the temporary 

suspension of the quarterly submission 

requirement and the absence of these 

agreements on the Bureau’s Web site. 

While the Bureau’s Web site can assist 

consumers in comparing credit card 

agreements when shopping for a new 

card, the Bureau believes that most 

consumers are not likely to use the 

repository to identify desirable credit 

cards, in part because they would not 

know if they qualified for the cards they 

identified. The Bureau believes that 

consumers are more likely to identify a 

number of cards for which they qualify 

before comparing the terms and 

conditions for those cards. These terms 

and conditions will remain readily 

available to consumers on the issuers’ 

Web sites. Similarly, a consumer who 

wanted to replace a lost agreement 

would likely find it easier to contact the 

issuer than to search the repository 

because the agreement might no longer 

be available to new cardholders, in 

which case the consumer would need to 

search across multiple quarters to find 

the agreement, and even then might lack 

confidence that she had found the 

version of the agreement that applied to 

her. 

On the other hand, the Bureau 

recognizes that consumers who would 

qualify for almost any card on the 

market and who want to learn about the 

features of a large number of products 

might find the repository useful. The 

proposed rule might increase the cost to 

these consumers of searching for 

desirable credit cards. The Bureau 

believes that this cost would be small, 

however, given that the Bureau is 

suspending the submission requirement 

for just four quarters. The Bureau 

requests comment on this point. 

Similarly, the Bureau recognizes the 

possibility that entities may use the 

information in the repository to develop 

more competitive products or extract 

information that they could sell or 

otherwise provide to consumers or third 

parties. However, the Bureau believes 

that this is unlikely given that the 

agreements, while generally in 

searchable PDF format, do not contain 

uniform data or text fields that would 

provide the same type of information in 

fixed locations across files. The Bureau 

requests comment on this point as well. 

The Bureau believes that the proposal 

would provide issuers with a minor but 

tangible benefit. For the third quarter of 

2014, 446 issuers had 1,833 agreements 

in the Bureau’s database. While 169 

issuers had just one agreement, the 

median number of agreements per issuer 

was two and the average was four. Four 

issuers had over 50 agreements. In the 

third quarter alone, 103 issuers 

submitted 429 agreements; the median 

and mean were again two and four, 

respectively. Three issuers submitted 

over 25 agreements. All issuers would 

be able to suspend their submissions for 

four quarters, which would remove 

some compliance burden. The Bureau 

believes that the burden is small on 

average, although it may be higher for 

the entities that provide a large number 

of agreements.9 The Bureau requests 

comment on this point. 

As noted above, the Bureau 

recognizes the possibility that entities 

could use the information in the 

repository to develop more competitive 

products or extract information that 

they could sell or otherwise provide to 

consumers or third parties. However, as 

mentioned above, the Bureau believes 

that this is unlikely given the 

difficulties in using files in PDF format 

for this purpose. To the extent that 

entities are inclined to use the files in 

the repository to extract information, the 

Bureau believes that manual collection 

of the credit card agreements from 

certain large card issuer Web sites as of 

approximately September 2015 and 

posting those agreements on the Bureau 

Web site will mitigate the impact of the 

proposed rule on these entities. 

As an alternative, the Bureau 

considered coupling the temporary 

suspension with a requirement to 

provide the Bureau, after the suspension 

expired, with the agreements that they 

would have been required to submit if 

not for the suspension. Compared to the 

proposed rule, this alternative would 

have imposed smaller costs on 

consumers and provided smaller 

benefits to issuers. Since the costs to 

consumers under the proposed rule are 

small to begin with, the Bureau believes 

that the proposed rule is superior to the 

alternative. The Bureau requests 

comment on this point. 

C. Impact on Covered Persons With No 

More Than $10 Billion in Assets 

The majority of banks and credit 

unions that provide agreements under 

§ 1026.58(c) have no more than $10 

billion in assets. Thus, the majority of 

banks and credit unions that would 

benefit from the proposed rule have no 

more than $10 billion in assets. On the 

other hand, larger banks and credit 


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Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Proposed Rules 10421 

10See 79 FR 62421 (Oct. 17, 2014); 80 FR 8291 

(Feb. 17, 2015). The OMB control number would 

also apply to the information collection in 

§ 1026.57. 

unions generally provide the Bureau 

with more agreements each quarter. 

Thus, the proposed rule would 

generally provide larger banks and 

credit unions with a greater reduction in 

burden compared to that obtained by 

banks and credit unions with no more 

than $10 billion in assets. 

D. Impact on Access to Credit 

The Bureau does not believe that 

there will be an adverse impact on 

access to credit, or any other consumer 

financial products or services, resulting 

from the proposed rule. The proposed 

rule imposes no direct requirements on 

consumer financial products or services 

or providers of consumer financial 

products or services or on the eligibility 

of consumers for consumer financial 

products or services. As discussed 

above, the proposed rule imposes at 

most a minor additional cost on certain 

consumers searching for a credit card. 

As noted above, the Bureau 

recognizes the possibility that entities 

could use the information in the 

repository to develop more competitive 

products or extract information that 

they could sell or otherwise provide to 

consumers or third parties. However, 

the Bureau believes that this is unlikely 

given the difficulties in using files in 

PDF format for this purpose and the fact 

that the suspension would last for just 

four quarters. Thus, the proposed rule 

should not inhibit activities that would 

improve access to credit such as the 

development of more competitive credit 

products or products that would reduce 

search costs. 

E. Impact on Consumers in Rural Areas 

The Bureau does not believe that the 

proposed rule would have a unique 

impact on consumers in rural areas. 

VII. Regulatory Flexibility Analysis 

The Regulatory Flexibility Act (RFA), 

as amended by the Small Business 

Regulatory Enforcement Fairness Act of 

1996, requires each agency to consider 

the potential impact of its regulations on 

small entities, including small 

businesses, small governmental units, 

and small nonprofit organizations. The 

RFA defines a ‘‘small business’’ as a 

business that meets the size standard 

developed by the Small Business 

Administration pursuant to the Small 

Business Act. 

The RFA generally requires an agency 

to conduct an initial regulatory 

flexibility analysis (IRFA) and a final 

regulatory flexibility analysis (FRFA) of 

any rule subject to notice-and-comment 

rulemaking requirements, unless the 

agency certifies that the rule will not 

have a significant economic impact on 

a substantial number of small entities. 

The Bureau also is subject to certain 

additional procedures under the RFA 

involving the convening of a panel to 

consult with small business 

representatives prior to proposing a rule 

for which an IRFA is required. 

An IRFA is not required here because 

the proposal, if adopted, would not have 

a significant economic impact on a 

substantial number of small entities. 

The Bureau does not expect the 

proposal to impose costs on small 

entities. As discussed above, the Bureau 

believes that the proposed rule would 

cause a small reduction in costs on all 

issuers, including small entity issuers, 

who would otherwise be required to 

submit agreements to the Bureau. 

Accordingly, the undersigned certifies 

that this proposal, if adopted, would not 

have a significant economic impact on 

a substantial number of small entities. 

VIII. Paperwork Reduction Act 

Analysis 

Under the Paperwork Reduction Act 

of 1995 (PRA) (44 U.S.C. 3501 et seq.), 

Federal agencies are generally required 

to seek the Office of Management and 

Budget (OMB) approval for information 

collection requirements prior to 

implementation. Under the PRA, the 

Bureau may not conduct or sponsor and, 

notwithstanding any other provision of 

law, a person is not required to respond 

to an information collection unless the 

information collection displays a valid 

control number assigned by OMB. 

The Bureau is currently seeking a new 

OMB control number for the 

information collection in § 1026.58(c).10

The Bureau expects to obtain this 

control number prior to the first 

business day on or after April 30, 2016, 

which is the date on which the 

information collection in § 1026.58(c) 

would resume if the proposed rule were 

finalized. 

The Bureau welcomes comments on 

any aspect of this proposal for purposes 

of the PRA. Comments should be 

submitted as outlined in the ADDRESSES

section above. All comments will 

become a matter of public record. 

List of Subjects in 12 CFR Part 1026 

Advertising, Consumer protection, 

Credit, Credit unions, Mortgages, 

National banks, Reporting and 

recordkeeping requirements, Savings 

associations, Truth in lending. 

Authority and Issuance 

For the reasons set forth in the 

preamble, the Bureau proposes to 

amend 12 CFR part 1026, as follows: 

PART 1026—TRUTH IN LENDING 

(REGULATION Z) 

■ 1. The authority citation for part 1026 

continues to read as follows: 

Authority: 12 U.S.C. 2601, 2603–2605, 

2607, 2609, 2617, 5511, 5512, 5532, 5581; 15 

U.S.C. 1601 et seq. 

Subpart G—Special Rules Applicable 

to Credit Card Accounts and Open-End 

Credit Offered to College Students 

■ 2. Section 1026.58 is amended by 

adding paragraph (g) to read as follows: 

§ 1026.58 Internet posting of credit card 

agreements. 

* * * * * 

(g) Temporary suspension of 

agreement submission requirement—(1) 

Quarterly submissions. The quarterly 

submission requirement in paragraph (c) 

of this section is suspended for the 

submissions that would otherwise be 

due to the Bureau by the first business 

day on or after April 30, 2015; July 31, 

2015; October 31, 2015; and January 31, 

2016. 

(2) Posting of agreements offered to 

the public. Nothing in paragraph (g)(1) 

of this section shall affect the agreement 

posting requirements in paragraph (d) of 

this section. 

■ 3. In Supplement I to Part 1026, under 

Section 1026.58—Internet Posting of 

Credit Card Agreements, add subsection 

58(g) Temporary Suspension of 

Agreement Submission Requirement to 

read as follows: 

Supplement I to Part 1026—Official 

Interpretations 

* * * * * 

Section 1026.58—Internet Posting of Credit 

Card Agreements 

* * * * * 

58(g) Temporary Suspension of Agreement 

Submission Requirement 

1. Suspended quarterly submission 

requirement. Pursuant to § 1026.58(g)(1), card 

issuers are not required to make quarterly 

submissions to the Bureau, as otherwise 

required by § 1026.58(c), for the submissions 

that would otherwise be due by the first 

business day on or after April 30, 2015; July 

31, 2015; October 31, 2015; and January 31, 

2016. Specifically, a card issuer is not 

required to submit information about the 

issuer and its agreements pursuant to 

§ 1026.58(c)(1)(i), new credit card agreements 

pursuant to § 1026.58(c)(1)(ii), amended 

agreements pursuant to § 1026.58(c)(1)(iii) 

and (c)(3), or notification of withdrawn 


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10422 Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Proposed Rules 

agreements pursuant to § 1026.58(c)(1)(iv) 

and (c)(4) through (7) for those four quarters. 

2. Resuming submission of credit card 

agreements to the Bureau. Beginning with 

the submission due on the first business day 

on or after April 30, 2016, card issuers shall 

resume submitting credit card agreements on 

a quarterly basis to the Bureau pursuant to 

§ 1026.58(c). A card issuer shall submit 

agreements for the prior calendar quarter 

(that is, the calendar quarter ending March 

31, 2016), as specified in § 1026.58(c)(1)(ii) 

through (iv) and (c)(3) through (7), to the 

Bureau no later than the first business day on 

or after April 30, 2016. 

i. Specifically, the submission due on the 

first business day on or after April 30, 2016 

shall contain, as applicable: 

A. Identifying information about the card 

issuer and the agreements submitted, 

including the issuer’s name, address, and 

identifying number (such as an RSSD ID 

number or tax identification number), 

pursuant to § 1026.58(c)(1)(i); 

B. The credit card agreements that the card 

issuer offered to the public as of the last 

business day of the calendar quarter ending 

March 31, 2016 that the card issuer had not 

previously submitted to the Bureau as of the 

first business day on or after January 31, 

2015, pursuant to § 1026.58(c)(1)(ii); 

C. Any credit card agreement previously 

submitted to the Bureau that was amended 

since the last business day of the calendar 

quarter ending December 31, 2014 and that 

the card issuer offered to the public as of the 

last business day of the calendar quarter 

ending March 31, 2016, pursuant to 

§ 1026.58(c)(1)(iii) and (c)(3); and 

D. Notification regarding any credit card 

agreement previously submitted to the 

Bureau that the issuer is withdrawing, 

pursuant to § 1026.58(c)(1)(iv) and (c)(4) 

through (7). 

ii. In lieu of the submission described in 

comment 58(g)–2.i.B through D, 

§ 1026.58(c)(1) permits a card issuer to 

submit to the Bureau a complete, updated set 

of the credit card agreements the card issuer 

offered to the public as of the calendar 

quarter ending March 31, 2016. See comment 

58(c)(1)–3. 

3. Continuing obligation to post agreements 

on a card issuer’s own Web site. Section 

1026.58(d) requires a card issuer to post and 

maintain on its publicly available Web site 

the credit card agreements that the issuer is 

required to submit to the Bureau under 

§ 1026.58(c). Pursuant to § 1026.58(g)(2), 

during the temporary suspension period set 

forth in § 1026.58(g)(1), a card issuer shall 

continue to post its agreements to its own 

publicly available Web site as required by 

§ 1026.58(d) using the agreements it would 

have otherwise submitted to the Bureau 

under § 1026.58(c). For example, for 

purposes of § 1026.58(d)(4), a card issuer 

must continue to update the agreements 

posted on its own Web site at least as 

frequently as the quarterly schedule required 

for submission of agreements to the Bureau 

set forth in § 1026.58(c)(1), notwithstanding 

the temporary suspension of submission 

requirements in § 1026.58(g)(1). Similarly, for 

purposes of § 1026.58(d)(2), agreements 

posted by a card issuer on its own Web site 

must continue to conform to the form and 

content requirements set forth in 

§ 1026.58(c)(8). 

* * * * * 

Dated: February 19, 2015. 

Richard Cordray, 

Director, Bureau of Consumer Financial 

Protection. 

[FR Doc. 2015–03879 Filed 2–25–15; 8:45 am] 

BILLING CODE 4810–AM–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR part 25 

[Docket No. FAA–2014–1079; Notice No. 25– 

15–01–SC] 

Special Conditions: Gulfstream Model 

GVII Series Airplanes; Limit Pilot 

Forces for Side-Stick Controller 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of proposed special 

conditions. 

SUMMARY: This action proposes special 

conditions for the Gulfstream Model 

GVII–G500 (GVII series) airplanes. 

These airplanes will have a novel or 

unusual design feature when compared 

to the state of technology envisioned in 

the airworthiness standards for 

transport-category airplanes. 

This design feature is associated with 

side-stick controllers that require 

limited pilot force because they are 

operated by one hand only. The 

applicable airworthiness regulations do 

not contain adequate or appropriate 

safety standards for this design feature. 

These proposed special conditions 

contain the additional safety standards 

that the Administrator considers 

necessary to establish a level of safety 

equivalent to that established by the 

existing airworthiness standards. 

DATES: Send your comments on or 

before April 13, 2015. 

ADDRESSES: Send comments identified 

by docket number FAA–2014–1079 

using any of the following methods: 

• Federal eRegulations Portal: Go to 

http://www.regulations.gov/ and follow 

the online instructions for sending your 

comments electronically. 

• Mail: Send comments to Docket 

Operations, M–30, U.S. Department of 

Transportation (DOT), 1200 New Jersey 

Avenue SE., Room W12–140, West 

Building Ground Floor, Washington, DC 

20590–0001. 

• Hand Delivery or Courier: Take 

comments to Docket Operations in 

Room W12–140 of the West Building 

Ground Floor at 1200 New Jersey 

Avenue SE., Washington, DC, between 9 

a.m. and 5 p.m., Monday through 

Friday, except Federal holidays. 

• Fax: Fax comments to Docket 

Operations at 202–493–2251. 

Privacy: The FAA will post all 

comments it receives, without change, 

to http://www.regulations.gov/, 

including any personal information the 

commenter provides. Using the search 

function of the docket Web site, anyone 

can find and read the electronic form of 

all comments received into any FAA 

docket, including the name of the 

individual sending the comment (or 

signing the comment for an association, 

business, labor union, etc.). DOT’s 

complete Privacy Act Statement can be 

found in the Federal Register published 

on April 11, 2000 (65 FR 19477–19478), 

as well as at http://DocketsInfo. 

dot.gov/. 

Docket: Background documents or 

comments received may be read at 

http://www.regulations.gov/ at any time. 

Follow the online instructions for 

accessing the docket or go to Docket 

Operations in Room W12–140 of the 

West Building Ground Floor at 1200 

New Jersey Avenue SE., Washington, 

DC, between 9 a.m. and 5 p.m., Monday 

through Friday, except Federal holidays. 

FOR FURTHER INFORMATION CONTACT: 

Todd Martin, FAA, Airframe and Cabin 

Safety Branch, ANM–115, Transport 

Airplane Directorate, Aircraft 

Certification Service, 1601 Lind Avenue 

SW., Renton, Washington, 98057–3356; 

telephone 425–227–1178; facsimile 

425–227–1320. 

SUPPLEMENTARY INFORMATION: 

Comments Invited 

We invite interested people to take 

part in this rulemaking by sending 

written comments, data, or views. The 

most helpful comments reference a 

specific portion of the proposed special 

conditions, explain the reason for any 

recommended change, and include 

supporting data. 

We will consider all comments we 

receive by the closing date for 

comments. We may change these special 

conditions based on the comments we 

receive. 

Background 

On March 29, 2012, Gulfstream 

Aerospace applied for a type certificate 

for their new Model GVII–G500 

airplane. 

The Model GVII series airplanes are 

large-cabin business jets capable of 

accommodating up to 19 passengers. 

The GVII series will certify a base 

configuration GVII–G500, which 


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