Removing Barriers Blog

CFPB Provides Flexibility to Assist Credit Card Borrowers
Posted June 04, 2020 by CUNA Advocacy

The CFPB issued a policy statement intended to help consumers receive prompt relief during the pandemic from credit card issuers.  

Regulation Z requires that creditors provide written disclosures to consumers for account-opening disclosures and temporary rate or fee reduction. 

During the pandemic, some consumers are seeking to open a new account or request a temporary reduction in APR or fees for an existing account or a low-rate balance transfer. In response, the Bureau is providing temporary and targeted flexibility for credit card issuers regarding electronic provision of certain disclosures required to be in writing during this pandemic.