ABA asks CFPB to cut reporting burden on credit card terms survey
The American Bankers Association has written to the CFPB urging further changes to two credit card data collections, the Report of Terms of Credit Card Plans and the survey of consumer and college credit card agreements. The ask is practical: clearer per-field instructions, an editing tool, and the ability to correct submissions. A short item, but a useful read on how burden-reduction requests are framed.
- The ABA asked the CFPB to add guidance on how to complete each data point in the Report of Terms of Credit Card Plans survey.
- It recommended a tracker letting respondents edit data from the pre-submission overview page and correct or delete a prior submission after an error is found.
- The ABA said the CFPB has already eliminated data elements that required issuers to report beyond what the Truth in Lending Act mandates.
- On the consumer and college credit card agreements survey, the ABA said each submission still requires approximately 85 person-hours.