[Federal Register Volume 86, Number 160 (Monday, August 23, 2021)]
[Rules and Regulations]
[Pages 46953-46958]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-17994]



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Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 

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Federal Register / Vol. 86, No. 160 / Monday, August 23, 2021 / Rules 
and Regulations

[[Page 46953]]



BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Part 1026


Technical Specifications for Credit Card Agreement and Data 
Submissions Required Under TILA and the CARD Act (Regulation Z)

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notification of technical specifications; procedural rule.

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SUMMARY: Certain credit card issuers must submit credit card agreements 
and data to the Bureau of Consumer Financial Protection (Bureau) under 
the Truth in Lending Act (TILA) and the Credit Card Accountability 
Responsibility and Disclosure Act of 2009 (CARD Act). The Bureau is 
issuing new technical specifications for complying with those 
submission requirements. Credit card issuers will make the required 
submissions under TILA and the CARD Act through the Bureau's 
``Collect'' website. These technical specifications include 
registration information and the URL for the website at which issuers 
(or their designees) can submit the required information.

DATES: This notification of technical specifications and procedural 
rule becomes effective on August 23, 2021. Issuers must make 
submissions using the Collect website, in accordance with these 
technical specifications.

FOR FURTHER INFORMATION CONTACT: Yaritza Velez, Counsel or Caroline 
Hong, Senior Counsel, Office of Regulations, at 202-435-7700 or https://reginquiries.consumerfinance.gov. For technical assistance regarding 
the Collect website and submission system, contact 
<a href="/cdn-cgi/l/email-protection#e6a5898a8a838592b9b5939696899492a685809684c8818990"><span class="__cf_email__" data-cfemail="febd9192929b9d8aa1ad8b8e8e918c8abe9d988e9cd0999188">[email protected]</span></a>. If you require this document in an 
alternative electronic format, please contact 
<a href="/cdn-cgi/l/email-protection#88cbced8cad7c9ebebedfbfbe1eae1e4e1fcf1c8ebeef8eaa6efe7fe"><span class="__cf_email__" data-cfemail="0744415745584664646274746e656e6b6e737e476461776529606871">[email protected]</span></a>.

SUPPLEMENTARY INFORMATION:

I. Submission Requirements

A. Submission of Data on Credit Card Pricing and Availability (Terms of 
Credit Card Plans Survey)

The Statute
    In 1988, Congress amended section 136 of the Truth in Lending Act 
(TILA) to require the Board of Governors of the Federal Reserve System 
(Board) to collect certain credit card price and availability 
information from a sample of credit card issuers and report this 
information to Congress and make it available to the public.\1\ The 
responsibility to collect this information, through what is called the 
Terms of Credit Card Plans (TCCP) Survey, was transferred to the Bureau 
in 2011.\2\
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    \1\ Fair Credit and Charge Card Disclosure Act of 1988 (FCCCDA), 
Public Law 100-583, section 5, 102 Stat. 2960, 2967 (1988) (adding 
section 136(b) of TILA). TILA section 136(b) is codified at 15 
U.S.C. 1646(b).
    \2\ Dodd-Frank Wall Street Reform and Consumer Protection Act 
(Dodd-Frank Act), Public Law 111-203, tit. X, section1100A(2), 124 
Stat. 1376, 2107 (2010). The transfer of this authority, as a 
consumer protection function under TILA, became effective on July 
21, 2011. See Dodd-Frank Act section 1061, 124 Stat. 2035-2039 
(consumer financial protection functions to be transferred to the 
Bureau as of a designated transfer date); 75 FR 57252 (Sept. 20, 
2010) (setting transfer date).
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    Specifically, TILA section 136(b) requires the Bureau to collect, 
on a semiannual basis, credit card price and availability information, 
including the information required to be disclosed under section 127(c) 
of TILA, from a broad sample of financial institutions that offer 
credit card services. Section 127(c) of TILA lists requirements for 
disclosures in connection with credit and charge card applications and 
solicitations.\3\
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    \3\ TILA section 127(c) requires issuers to disclose, among 
other things, the annual percentage rate for purchases (must state 
if it is a variable rate); the length of the grace period; the name 
or description of the balance computation method; the fee for 
issuance or availability (membership fee); the minimum finance 
charge; the transaction fee for purchases; the transaction fee for 
cash advances; the fee for late payment; and the fee for exceeding 
the credit limit. 15 U.S.C. 1637(c).
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    TILA section 136(b) also requires that the sample of TCCP Survey 
respondents include the 25 largest issuers of credit cards and no less 
than 125 additional financial institutions selected by the Bureau in a 
manner that ensures an equitable geographic distribution within the 
sample and the representation of a wide spectrum of institutions within 
the sample.\4\ Generally, the Bureau sends an email to each selected 
issuer requesting that it complete the TCCP Survey. Issuers that do not 
receive such an email from the Bureau do not need to complete the TCCP 
Survey.\5\
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    \4\ 15 U.S.C. 1646(b).
    \5\ Bureau of Consumer Fin. Prot., Collect--TCCP User Guide 2 
(Jan. 2019), https://files.consumerfinance.gov/f/documents/TCCP_User_Guide_Final.pdf.
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    There are no implementing regulations for the core TCCP Survey 
collection requirement in TILA section 136(b). Issuers are required to 
submit their information ``to the Bureau in accordance with such 
regulations or orders as the Bureau may prescribe.'' \6\
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    \6\ 15 U.S.C. 1646(b)(3).
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The Submission Process
    In 1990, the Board implemented a ``Report of Terms of Credit Card 
Plans Survey'' (FR 2572), in the form of a spreadsheet, to collect the 
TCCP Survey data elements from financial institutions (issuers) 
participating in the Survey.\7\ The Board collected TCCP Survey 
responses using the FR 2572 form until 2011, when the collection of 
information for the TCCP Survey was formally transferred to the 
Bureau.\8\ The Bureau has also used the FR 2572 form to collect 
information from selected issuers for the TCCP Survey.\9\ TCCP Survey 
data must be reported twice a year, as of January 31 and July 31.\10\ 
If selected by the Bureau to complete the TCCP Survey, an issuer would 
need to complete its Survey within 10 business days of the end of the 
Survey date (e.g., February 14 or August 14, respectively). The 
information provided by the issuer

[[Page 46954]]

must be current as of the Survey date (i.e., January 31 or July 
31).\11\
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    \7\ See Bureau of Consumer Fin. Prot., Supporting Statement Part 
A: Report of Terms of Credit Card Plans (Form FR 2572) (OMB Control 
Number: 3170-0001) 1 (uploaded May 29, 2019), https://www.reginfo.gov/public/do/DownloadDocument?objectID=91971901.
    \8\ See Office of Mgmt. & Budget, Notice of Office of Management 
and Budget Action (Oct. 24, 2011), https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201110-3170-006# (approving transfer of FR 
2572 from the Board to the Bureau).
    \9\ See, e.g., 84 FR 24764 (May 29, 2019) (notice of and 
requesting comments for renewal of Office of Management and Budget 
(OMB) approval for existing Report of Terms of Credit Card Plan 
information collection). The FR 2572 form is currently on the 
Bureau's website at https://files.consumerfinance.gov/f/documents/bcfp_tccp-survey_form-2572_instructions.pdf.
    \10\ Bureau of Consumer Fin. Prot., Report of Terms of Credit 
Card Plans--Instructions (FR 2572), page 1, https://files.consumerfinance.gov/f/documents/bcfp_tccp-survey_form-2572_instructions.pdf.
    \11\ See, e.g., Bureau of Consumer Fin. Prot., TCCP Survey FAQs, 
page 2 (Question 3) (last updated May 1, 2020), https://files.consumerfinance.gov/f/documents/cfpb_tccp-survey_faq.pdf.
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    Starting with the TCCP Survey cycle beginning on July 31, 2018, the 
Bureau has provided issuers with the voluntary option to make TCCP 
Survey submissions through its Collect website (Collect). The Bureau 
has also continued to accept TCCP Survey submissions using the FR 2572 
form.
    For the most recent TCCP Survey cycle beginning on January 31, 
2021, 83 percent of TCCP Survey submissions were made via Collect. 
Collect has simplified the TCCP Survey submission process for issuers 
in several ways. For example, instructions in Collect are ``tiered'' so 
that the submitter only sees relevant questions, thus minimizing the 
possibility for confusion or error. Collect also avoids instructions 
that would lead to duplicative responsive information if the system 
determines that the information has already been provided earlier in 
the submission process. Additionally, Collect provides an audit trail 
that allows issuers to clearly verify whether and when each of their 
submissions has been received by the Bureau and review the contents of 
past submissions. Further, the Bureau has heard through its market 
outreach efforts that Survey respondents find Collect to be faster to 
use than the FR 2572 form, and that it allows them to more easily 
reference past submissions. The Bureau has also found that Collect 
facilitates faster processing of TCCP Survey submissions by Bureau 
staff, which in turn has led to the faster posting of the TCCP Survey 
results on the Bureau's website \12\ and enhanced the public's ability 
to use the data in a timely manner. The Bureau believes that such gains 
to issuers, the public, and the Bureau would be increased if all TCCP 
Survey respondents used Collect, and that any additional burden on 
Survey respondents as a result of using Collect would be minimal.
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    \12\ The Bureau's TCCP Survey database is available at https://cfpb-sites.force.com/CreditCardPlanSurveys.
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    In April 2019, the Bureau also started using Collect to receive 
prepaid account agreements and associated information from prepaid 
account issuers pursuant to 12 CFR 1005.19.\13\ The Bureau has found 
that Collect also provides a streamlined electronic process for this 
collection that substantially benefits issuers, the public, and the 
Bureau.
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    \13\ 84 FR 7979 (Mar. 6, 2019).
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    For the reasons set forth above, issuers selected by the Bureau to 
participate in the TCCP Survey must submit their data using Collect, 
starting with the Survey cycle beginning on January 31, 2022, for which 
responses are due on February 14, 2022. Afterward, issuers selected by 
the Bureau to participate in future TCCP Surveys must also use Collect 
to submit their responses. Issuers selected by the Bureau to 
participate in the Survey who do not already use Collect can begin the 
registration process immediately.\14\ Upon receiving their login 
credentials, issuers will be able to start submitting their Survey 
responses using Collect. See the Technical Specifications in part II 
below for additional information.
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    \14\ Although TCCP Survey respondents currently have the ability 
to register for Collect, generally TCCP Survey respondents are not 
aware that they are required to participate in the Survey until 
receiving notification from the Bureau. As a result, new TCCP Survey 
Collect users would not need to register for Collect for the purpose 
of making TCCP Survey submissions until that time.
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B. Quarterly Submission of Credit Card Agreements

The Statute and Regulation
    In 2009, Congress enacted the Credit Card Accountability 
Responsibility and Disclosure Act (CARD Act) in order to ``establish 
fair and transparent practices related to the extension of credit'' in 
the credit card market.\15\ 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' websites and submit those 
agreements to the Board for posting on a publicly available website 
established and maintained by the Board.\16\ The Board generally 
implemented the CARD Act's provisions in subpart G of Regulation Z.
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    \15\ Public Law 111-24, 123 Stat. 1734 (2009).
    \16\ 15 U.S.C. 1632(d).
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    Specifically, TILA section 122(d)(1) requires each creditor to post 
its credit card agreements on its own website, 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 website a 
central repository of the agreements it receives under section 
122(d)(2). The Board implemented these provisions at 12 CFR 226.58. 
With the adoption of the Dodd-Frank Act, authority to implement TILA 
transferred to the Bureau,\17\ and the Bureau renumbered this provision 
in Regulation Z as 12 CFR 1026.58.\18\
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    \17\ Public Law 111-203, section 1100A, 124 Stat. 2081 (2010). 
See also supra note 2.
    \18\ 76 FR 79768 (Dec. 22, 2011).
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    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 a card issuer must make quarterly submissions to the 
Bureau ``in the form and manner specified by the Bureau,'' except as 
otherwise provided in the regulation.\19\ Each submission must contain 
identifying information about the issuer and the agreements submitted; 
the credit card agreements that the issuer offered to the public as of 
the last business day of the preceding calendar quarter that the issuer 
has not previously submitted to the Bureau; any credit card agreement 
previously submitted to the Bureau that was amended during the 
preceding calendar quarter and that the issuer offered to the public as 
of the last business day of the preceding calendar quarter; and a 
notification regarding any credit card agreement previously submitted 
to the Bureau that the issuer is withdrawing.\20\ If a credit card 
agreement has been previously submitted to the Bureau, the agreement 
has not been amended, and the card issuer continues to offer the 
agreement to the public, no additional submission regarding that 
agreement is required for that calendar quarter.\21\ 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 websites the credit card agreements that the issuers are 
required to submit to the Bureau.\22\
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    \19\ 12 CFR 1026.58(c)(1). A credit card issuer is not required 
to submit a credit card agreement to the Bureau pursuant to 12 CFR 
1026.58, if it qualifies for the de minimis exception in 12 CFR 
1026.58(c)(5), the private label credit card exception in 12 CFR 
1026.58(c)(6), or the product testing exception in 12 CFR 
1026.58(c)(7).
    \20\ 12 CFR 1026.58(c)(1)(i) through (iv).
    \21\ 12 CFR 1026.58(c)(3).
    \22\ 12 CFR 1026.58(d).
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    The Bureau's implementing regulation at 12 CFR 1026.58(c)(8) 
provides requirements for the form and content of the quarterly credit 
card agreement submissions. One such requirement specifies that for 
each submitted ``agreement,'' the ``[p]ricing information must be set 
forth in a single addendum to the agreement.'' \23\ The term 
``agreement'' or ``credit card agreement'' is defined as ``the written 
document or documents evidencing the terms of the legal obligation, or 
the

[[Page 46955]]

prospective legal obligation, between a card issuer and a consumer for 
a credit card account under an open-end (not home-secured) consumer 
credit plan'' and also includes pricing information.\24\ Pricing 
information is defined to include certain information, including credit 
card annual percentage rates (APR) and fees and charges, among other 
things.\25\ Provisions of the agreement other than the pricing 
information that may vary from one cardholder to another depending on 
the cardholder's creditworthiness or State of residence or other 
factors may be set forth in a single addendum to the agreement separate 
from the pricing information addendum.\26\ This addendum is referred to 
as the variable terms addendum.
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    \23\ 12 CFR 1026.58(c)(8)(ii)(A). See also 12 CFR 1026, Comment 
58(c)(8)-2 (``Pricing information must be set forth in the separate 
addendum described in 1026.58(c)(8)(ii)(A) even if it is also stated 
elsewhere in the agreement.'').
    \24\ 12 CFR 1026.58(b)(1).
    \25\ 12 CFR 1026.58(b)(7) (``pricing information'' refers to the 
information listed in 12 CFR 1026.6(b)(2)(i) through (b)(2)(xii)).
    \26\ 12 CFR 1026.58(c)(8)(iii).
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The Submission Process
    Under the process established by the Board that was used by the 
Bureau until 2015 and updated as described below in 2016, credit card 
issuers submit agreements and agreement information to the Bureau 
manually via email.\27\ On April 17, 2015, the Bureau issued a final 
rule temporarily suspending credit card issuers' obligations under 12 
CFR 1026.58 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 worked to develop a more streamlined and 
automated electronic submission system.\28\ When issuing the final 
rule, the Bureau explained that it believed the manual process ``may be 
unnecessarily cumbersome for issuers and may make issuers' own internal 
tracking of previously submitted agreements difficult'' and noted that 
``the process for Bureau staff to manually review, catalog, and upload 
new or revised agreements to the Bureau's website, and to remove 
outdated agreements, can extend for several months after the quarterly 
submission deadline.'' \29\ The Bureau also stated its intent to 
develop ``a more streamlined and automated electronic submission 
system'' that would both allow issuers to upload agreements directly to 
the Bureau's database and enable faster posting of agreements on the 
Bureau's website.\30\
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    \27\ See 75 FR 7658, 7923 (Feb. 22, 2010) (technical 
specifications for the quarterly credit card submission included in 
Attachment I to the Federal Register notice); 81 FR 19467 (Apr. 5, 
2016).
    \28\ See 12 CFR 1026.58(g); see also 80 FR 21153 (Apr. 17, 
2015). Credit card issuers' obligations to post currently offered 
credit card agreements on their publicly available websites under 12 
CFR 1026.58(d), and to make agreements for open accounts available 
to cardholders as required by 12 CFR 1026.58(e), were not affected 
by the suspension. See 80 FR 21153, 21155 (Apr. 17, 2015); see also 
81 FR 19467 (Apr. 5, 2016) (notice of expiration of suspension).
    \29\ 80 FR 21153, 21154 (Apr. 17, 2015). The Bureau's database 
of credit card agreements is available at http://www.consumerfinance.gov/credit-cards/agreements/.
    \30\ 80 FR 21153, 21154 (Apr. 17, 2015).
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    The Bureau did not implement the submission system described above 
during the temporary one-year suspension period and instead posted 
updated submission instructions in 2016 to its website.\31\ The updated 
submission process, which is currently in use, allows issuers to submit 
agreements by emailing weblinks to the agreements instead of attaching 
the agreements as Portable Document Format (PDF) files.\32\ Issuers 
also continue to have the option to email the agreements as PDF files. 
However, the process for Bureau staff remains a time-consuming, manual 
process that extends for several months after each quarterly submission 
deadline. The process also provides no audit trail or automated 
verification mechanism by which issuers can confirm receipt of their 
submissions by the Bureau each quarter and review past quarters' 
submissions.
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    \31\ See 81 FR 19467 (Apr. 5, 2016).
    \32\ The current instructions for submitting credit card 
agreements to the Bureau are available at https://files.consumerfinance.gov/f/documents/cfpb_card-agreements-submission-instructions.pdf.
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    Soon after the one-year suspension expired, the Bureau developed 
and deployed Collect, which is currently used by the Bureau to receive 
TCCP Survey responses on a voluntary basis and prepaid account 
agreements and agreement information, as explained above. For the TCCP 
Survey, Collect has provided a streamlined and automated electronic 
submission system that is less burdensome and easier for issuers to 
use, and that has reduced Bureau staff processing time, provided a 
robust audit trail for submissions, and lessened the time between the 
dates of issuer submissions and availability of the information to the 
public. For the prepaid account agreement and information submissions, 
the Bureau has found that Collect also provides a streamlined 
electronic process that benefits issuers, the public, and the Bureau.
    Therefore, for these reasons, issuers making credit card agreement 
submissions to the Bureau on a quarterly basis must make those 
submissions using Collect, starting with the submissions for the fourth 
quarter of calendar year 2021 that are due on January 31, 2022. 
Subsequent submissions must also be made using Collect, on an ongoing 
basis. Issuers who do not already use Collect can begin the 
registration process immediately. All issuers required to make 
quarterly credit card agreement submissions to the Bureau must register 
for Collect by November 1, 2021. Once the issuer receives its login 
credentials, the issuer will have the ability to review its current 
submissions and start making the required submissions using Collect, 
starting on December 1, 2021. See the Technical Specifications in part 
II below for additional information.

C. Submission of College Credit Card Marketing Agreements and Data

The Statute and Regulation
    The CARD Act also added new TILA section 127(r), which requires 
credit card issuers to submit an annual report to the Bureau (formerly 
the Board) containing the terms and conditions of all business, 
marketing, promotional agreements, and college affinity card agreements 
with an institution of higher education, or an alumni organization or 
foundation affiliated with or related to such institution, with respect 
to any college student credit card issued to a college student at such 
institution.\33\ This document refers to those agreements as ``college 
credit card marketing agreements.'' Under TILA section 127(r), the 
Bureau (formerly the Board) is obligated to make an annual report 
listing such information to Congress and to also make the report 
available to the public.\34\ The Board implemented these provisions at 
12 CFR 226.57(d). As noted above, in 2011, the Dodd-Frank Act 
transferred the authority to implement TILA to the Bureau.\35\ The 
Bureau renumbered this provision in Regulation Z as 12 CFR 
1026.57(d).\36\
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    \33\ CARD Act, Public Law 111-24, section 305, 123 Stat. 1734, 
1749-1750. TILA section 127(r) is codified as 15 U.S.C. 1637(r).
    \34\ 15 U.S.C. 1637(r)(3).
    \35\ Public Law 111-203, section 1100A, 124 Stat. 2081 (2010). 
See also supra note 2.
    \36\ 76 FR 79768 (Dec. 22, 2011).
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    Section 1026.57(d) provides that card issuers that were parties to 
college credit card marketing agreements in effect at any time during a 
calendar year must submit an annual report to the Bureau regarding 
those agreements ``in the form and manner prescribed by the Bureau'' 
and specifies the information that the report must include.\37\ Card

[[Page 46956]]

issuers are required to submit their annual reports for a given 
calendar year to the Bureau by the first business day on or after March 
31 of the following calendar year.\38\
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    \37\ Specifically, section 1026.57(d)(2) states that the annual 
report must include identifying information about the card issuer 
and agreements submitted; a copy of any college credit card 
agreement to which the issuer was a party that was in effect at any 
time during the period covered by the report; a copy of any 
memorandum of understanding in effect at any time during the period 
covered by the report, as described by the regulation; the total 
dollar amount of any payments pursuant to a college credit card 
agreement from the card issuer to an institution of higher education 
or affiliated organization during the period covered by the report, 
and the method or formula used to determine such amounts; the total 
number of credit card accounts opened pursuant to any college credit 
card agreement during the period covered by the report; and the 
total number of credit card accounts opened pursuant to any such 
agreement that were open at the end of the period covered by the 
report.
    \38\ 12 CFR 1026.57(d)(3).
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The Submission Process
    The current process was first established by the Board in 2010 and 
has been left generally unchanged by the Bureau.\39\ Under that 
process, credit card issuers manually submit their annual report data 
as PDFs (for agreements) and as tab-delimited plain text files or as a 
Microsoft Excel Workbook (for associated information) that they send to 
the Bureau primarily via email. As with the TCCP Survey and quarterly 
credit card agreement submissions, Bureau staff must then manually 
review, catalog, and upload college credit card marketing agreements 
and data to the Bureau's website,\40\ which delays the provision of 
such information to the public.
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    \39\ See 75 FR 7658, 7923 (Feb. 22, 2010) (technical 
specifications for the quarterly credit card submission included in 
Attachment I to the Federal Register notice). The current technical 
specifications were updated by the Board on December 31, 2010, and 
are available on the Bureau's website, at http://files.consumerfinance.gov/f/201603_cfpb_consumer-and-college-credit-card-agreement-submission.pdf.
    \40\ The Bureau's college credit card marketing agreement and 
data website is available at https://www.consumerfinance.gov/data-research/student-banking/marketing-agreements-and-data/.
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    Based on the Bureau's experience with issuer submissions through 
Collect as to the TCCP Survey and prepaid account agreements and 
agreement data, the Bureau believes that requiring issuers to submit 
college credit card marketing agreements and data using Collect will 
reduce the burden on issuers by eliminating the manual process and 
lessen the time required for Bureau staff to process the submissions 
and make the information available to the public. It will also provide 
a robust audit trail for issuers to track the receipt and contents of 
current and past submissions.
    Therefore, for the above reasons, issuers must submit their annual 
reports related to college credit card marketing agreements and data 
using Collect, starting with the submissions that are due on March 31, 
2022,\41\ and continue to do so on an ongoing basis. That is, a card 
issuer that was a party to one or more college credit card marketing 
agreements in effect at any time during calendar year 2021 must use 
Collect to submit to the Bureau an annual report regarding those 
agreements by March 31, 2022. Subsequent annual submissions must also 
be made using Collect, on an ongoing basis. Issuers who do not already 
use Collect can begin the registration process immediately. Once the 
issuer receives its login credentials, the issuer will have the ability 
to start making the required submissions using Collect, starting in 
January 2022. See the Technical Specifications in part II below for 
additional information.
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    \41\ The annual reports are due to the Bureau ``by the first 
business day on or after March 31 of the following calendar year.'' 
12 CFR 1026.57(d)(3). Because March 31, 2022, falls on a Thursday, 
the 2022 deadline is March 31, 2022.
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II. Technical Specifications

A. Submission of Data on Credit Card Pricing and Availability (TCCP 
Survey)

    The Bureau has established Collect as the mandatory vehicle for 
submitting the TCCP Survey elements under TILA section 136(b).\42\ 
Issuers that have been selected by the Bureau to participate in the 
TCCP Survey cycle beginning on January 31, 2022, must submit the 
required information using Collect within 10 business days at the end 
of the Survey date (i.e., no later than February 14, 2022). Selected 
issuers must also use Collect to make submissions for future TCCP 
Survey cycles. Collect can be accessed at https://collect.consumerfinance.gov. Issuers can begin the registration process 
for Collect immediately. To register, Survey respondents that have not 
already registered for Collect must complete a registration form and 
submit it to <a href="/cdn-cgi/l/email-protection#fbb89497979e988fa4a88e8b8b94898fbb989d8b99d59c948d"><span class="__cf_email__" data-cfemail="f7b4989b9b929483a8a4828787988583b794918795d9909881">[email protected]</span></a>.\43\ The Collect registration 
form is available at https://files.consumerfinance.gov/f/documents/cfpb_collect-registration.pdf. Once respondents receive their login 
credentials, they will be able to submit their TCCP Survey 
information.\44\
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    \42\ 15 U.S.C. 1646(b).
    \43\ For questions concerning the registration form, please 
contact the Collect Support Team at <a href="/cdn-cgi/l/email-protection#e8ab8784848d8b9cb7bb9d9898879a9ca88b8e988ac68f879e"><span class="__cf_email__" data-cfemail="f6b5999a9a939582a9a5838686998482b695908694d8919980">[email protected]</span></a>.
    \44\ TCCP Survey respondents who have not used Collect 
previously are encouraged to register as early as possible after 
they have received notification from the Bureau that they are 
required to participate in the Survey, to confirm that they can 
successfully access the system. See also note 14.
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    Collect uses interactive forms to guide respondents through the 
submission process. After submitting certain identifying information as 
required by the statute, respondents will be prompted to input the TCCP 
Survey information into Collect.

Compliance Resources

    For the TCCP Survey submissions required under TILA section 136(b), 
the Bureau has published compliance resources to assist respondents in 
using Collect, including a user guide, a quick reference guide, 
frequently asked questions, and a webinar. These resources are 
available on the Bureau's website at https://www.consumerfinance.gov/data-research/credit-card-data/terms-credit-card-plans-survey/. The 
Bureau plans to update this website, as needed, to reflect changes made 
by these technical specifications. For technical assistance related to 
TCCP Survey submissions, Survey respondents can contact the Bureau at 
<a href="/cdn-cgi/l/email-protection#0645696a6a6365725955737676697472466560766428616970"><span class="__cf_email__" data-cfemail="fbb89497979e988fa4a88e8b8b94898fbb989d8b99d59c948d">[email protected]</span></a>.

B. Quarterly Submission of Credit Card Agreements

    The Bureau has established Collect as the mandatory vehicle for 
credit card agreement submissions that must be made to the Bureau on a 
quarterly basis, pursuant to 12 CFR 1026.58. Collect can be accessed at 
https://collect.consumerfinance.gov. Issuers must use Collect to make 
their fourth quarter of calendar year 2021 submissions that reflect 
their agreements in effect as of December 31, 2021, by January 31, 
2022. Issuers must also use Collect to make future quarterly credit 
card agreement submissions. Issuers can begin the registration process 
for Collect immediately. To register, issuers that have not already 
registered for Collect must complete a registration form and submit it 
to <a href="/cdn-cgi/l/email-protection#efac8083838a8c9bb0bc9a9f9f809d9baf8c899f8dc1888099"><span class="__cf_email__" data-cfemail="96d5f9fafaf3f5e2c9c5e3e6e6f9e4e2d6f5f0e6f4b8f1f9e0">[email protected]</span></a> by November 1, 2021.\45\ The Collect 
registration form is available at https://files.consumerfinance.gov/f/documents/cfpb_collect-registration.pdf. Once submitters receive their 
login credentials, they will be able to review their current 
submissions and make the required submissions for the fourth

[[Page 46957]]

quarter of calendar year 2021 using Collect, starting on December 1, 
2021.
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    \45\ Issuers who are not otherwise registered for Collect (i.e., 
because they are TCCP Survey respondents already registered for 
Collect) are encouraged to register as early as possible. For 
questions concerning the registration form, please contact the 
Collect Support Team at <a href="/cdn-cgi/l/email-protection#1f5c7073737a7c6b404c6a6f6f706d6b5f7c796f7d31787069"><span class="__cf_email__" data-cfemail="cc8fa3a0a0a9afb8939fb9bcbca3beb88cafaabcaee2aba3ba">[email protected]</span></a>.
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    Collect uses interactive forms to guide submitters through the 
submission process. After submitting certain identifying information as 
required by 12 CFR 1026.58(c)(1)(i), issuers will be prompted to upload 
the required documents using Collect. Issuers will be able to upload an 
agreement, a pricing addendum, and if applicable, a variable terms 
addendum. Pursuant to 12 CFR 1026.58(c)(8)(ii)(A), pricing information 
must be set forth in a single addendum, so an issuer must submit only 
one pricing addendum with each agreement.
File Format
    Credit card agreements submitted through Collect must be in the PDF 
file format, and must be text-searchable, digitally created PDFs. These 
PDF files should not be scanned documents, otherwise known as ``image-
only'' PDFs, as these are not text-searchable. For questions about file 
formats, please contact the Bureau at <a href="/cdn-cgi/l/email-protection#74371b18181117002b270104041b060034171204165a131b02"><span class="__cf_email__" data-cfemail="acefc3c0c0c9cfd8f3ffd9dcdcc3ded8eccfcadcce82cbc3da">[email protected]</span></a>.
Compliance Resources
    For quarterly credit card agreement submissions that must be made 
pursuant to 12 CFR 1026.58, the Bureau is developing compliance 
resources to assist issuers in using Collect, including a user guide, a 
quick reference guide, frequently asked questions, and a webinar. These 
resources will be available on the Bureau's website at a later date. 
For technical assistance regarding these submissions, issuers can 
contact the Bureau at <a href="/cdn-cgi/l/email-protection#f6b5999a9a939582a9a5838686998482b695908694d8919980"><span class="__cf_email__" data-cfemail="a9eac6c5c5cccaddf6fadcd9d9c6dbdde9cacfd9cb87cec6df">[email protected]</span></a>.

C. Submission of College Credit Card Marketing Agreements and Data

    The Bureau has established Collect as the mandatory vehicle for the 
submission of annual reports related to college credit card marketing 
agreements and data required under 12 CFR 1026.57. Issuers must use 
Collect to submit to the Bureau, no later than March 31, 2022, the 
required information for the college credit card marketing agreements 
to which the issuers were a party during calendar year 2021. Issuers 
must also use Collect to make future college credit card marketing 
agreement and data submissions. Collect can be accessed at https://collect.consumerfinance.gov. Issuers can begin the registration process 
for Collect immediately. To register, issuers that have not already 
registered for Collect must complete a registration form and submit it 
to <a href="/cdn-cgi/l/email-protection#692a0605050c0a1d363a1c1919061b1d290a0f190b470e061f"><span class="__cf_email__" data-cfemail="22614d4e4e4741567d715752524d505662414452400c454d54">[email protected]</span></a>.\46\ The Collect registration form is 
available at https://files.consumerfinance.gov/f/documents/cfpb_collect-registration.pdf. Once submitters receive their login 
credentials, they will be able to make the required submissions using 
Collect, starting in January 2022.
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    \46\ Issuers who are not otherwise registered for Collect (i.e., 
because they are TCCP Survey respondents already registered for 
Collect) are encouraged to register as early as possible. For 
questions concerning the registration form, please contact the 
Collect Support Team at <a href="/cdn-cgi/l/email-protection#bdfed2d1d1d8dec9e2eec8cdcdd2cfc9fddedbcddf93dad2cb"><span class="__cf_email__" data-cfemail="f1b29e9d9d949285aea28481819e8385b192978193df969e87">[email protected]</span></a>.
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    Collect uses interactive forms to guide submitters through the 
submission process. After submitting certain identifying information as 
required by 12 CFR 1026.57(d)(2)(i), issuers will be prompted to submit 
the required college credit card marketing agreements and data into 
Collect.
File Format
    College credit card marketing agreements submitted through Collect 
must be in the PDF file format, and must be text-searchable, digitally 
created PDFs, except where noted in the Bureau's compliance resources. 
For documents that must be text-searchable, these files should not be 
scanned documents, otherwise known as ``image-only'' PDFs, as these are 
not text-searchable. For questions about file formats, please contact 
the Bureau at <a href="/cdn-cgi/l/email-protection#64270b08080107103b371114140b161024070214064a030b12"><span class="__cf_email__" data-cfemail="7c3f131010191f08232f090c0c130e083c1f1a0c1e521b130a">[email protected]</span></a>.
Compliance Resources
    For college credit card marketing agreement and data submissions 
that must be made under 12 CFR 1026.57, the Bureau is developing 
compliance resources to assist issuers in using Collect, including a 
user guide, a quick reference guide, frequently asked questions, and a 
webinar. These resources will be available on the Bureau's website at a 
later date. For technical assistance regarding these submissions, 
issuers can contact the Bureau at <a href="/cdn-cgi/l/email-protection#a6e5c9cacac3c5d2f9f5d3d6d6c9d4d2e6c5c0d6c488c1c9d0"><span class="__cf_email__" data-cfemail="d794b8bbbbb2b4a38884a2a7a7b8a5a397b4b1a7b5f9b0b8a1">[email protected]</span></a>.

III. Legal Authority

    The Bureau is issuing this rule pursuant to its authority under 
section 1022(b)(1) of the Dodd-Frank Act, which authorizes the Bureau 
to prescribe rules as may be necessary or appropriate to enable the 
Bureau to administer and carry out the purposes and objectives of 
Federal consumer financial law.\47\ The Bureau is also issuing this 
rule pursuant to TILA sections 105(a) \48\ and 122(d)(5).\49\ TILA 
section 105(a) authorizes the Bureau to prescribe regulations to carry 
out the purposes of TILA. TILA section 122(d)(5), regarding credit card 
agreements, authorizes the Bureau to promulgate regulations to 
implement section 122(d).
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    \47\ 12 U.S.C. 5512(b)(1).
    \48\ 15 U.S.C. 1604(a).
    \49\ 15 U.S.C. 1632(d)(5).
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IV. Regulatory Requirements

    The Bureau has concluded that these technical specifications 
constitute a rule of agency organization, procedure, or practice exempt 
from the notice and comment rulemaking requirements under the 
Administrative Procedure Act (APA), pursuant to 5 U.S.C. 553(b). 
Because the procedural rule relates solely to agency procedure and 
practice, it is not substantive, and therefore is not subject to the 
30-day delayed effective date for substantive rules under section 
553(d) of the APA. Because no notice of proposed rulemaking is 
required, the Regulatory Flexibility Act does not require an initial or 
final regulatory flexibility analysis.

V. Paperwork Reduction Act

    Under the Paperwork Reduction Act of 1995 (PRA),\50\ Federal 
agencies are generally required to seek 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 
collections of information related to this rule have been previously 
reviewed and approved by OMB and assigned OMB Control Numbers 3170-0001 
and 3170-0052. The Bureau has determined that these technical 
specifications do not impose any new recordkeeping, reporting, or 
disclosure requirements on covered entities or members of the public 
that would be collections of information requiring approval by OMB 
under the PRA. Rather, the Bureau estimates that these specifications 
will slightly reduce the cost burden for covered entities compared to 
existing submission practices.
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    \50\ 44 U.S.C. 3501 et seq.
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VI. Signing Authority

    The Acting Director of the Bureau, David Uejio, having reviewed and 
approved this document, is delegating the authority to electronically 
sign this document to Laura Galban, a Bureau Federal Register Liaison, 
for purposes of publication in the Federal Register.


[[Page 46958]]


    Dated: August 18, 2021.
Laura Galban,
Federal Register Liaison, Bureau of Consumer Financial Protection.
[FR Doc. 2021-17994 Filed 8-20-21; 8:45 am]
BILLING CODE 4810-AM-P


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