The American Bankers Association and three banking and credit union associations today requested a deadline extension for the Consumer Financial Protection Bureau’s survey on credit card plans, which the agency will use to create a website for consumers to compare card offerings.
The CFPB’s semiannual terms of credit card plans survey has been administered for decades. The CFPB announced on March 21 that it was making several changes to the survey and expected responses by April 20. In their letter, the associations said the deadline was unrealistic given the complexity and volume of information sought by the agency. They instead proposed pushing back the date to Sept. 1.
“Based on the April 20, 2023, deadline, issuers would have only 23 business days to incorporate the additional requirements, organize data necessary to prepare required data points, and prepare the new data for submission,” the associations said. “With the proposed revised survey schedule, respondents will have three months to organize and report data for all future submissions.”
ABA and other associations have previously raised concerns about the process the CFPB used to implement the survey, saying the agency didn’t properly disclose the revisions it was pursuing nor give the public a realistic chance to comment on those revisions. The groups filed a series of letters with the CFPB and the White House’s Office of Information and Regulatory Affairs noting that the agency was keeping the proposed revisions secret and not responding to repeated requests to make them available to the public.