This story appeared in Bank Digest.
The Consumer Financial Protection Bureau is proposing two new information collections. The first information collection is entitled, "Consumer and College Credit Card Agreements." Sections 204 and 305 of the Credit Card Accountability Responsibility and Disclosure Act require card issuers to submit to the CFPB: agreements between the issuer and a consumer under a credit card account for an open-end consumer credit plan; and any college credit card agreements to which the issuer is a party plus certain additional information regarding those agreements. The data collections enable the CFPB to provide consumers with a centralized depository for consumer and college credit card agreements. They also present information to the public regarding the arrangements between financial institutions and institutions of higher education.
The second proposed information collection, "Bridges to Financial Security: A Multi-site Demonstration Project," is in preparation for the bureau's multi-site financial education demonstration project to provide one-on-one and group financial counseling/coaching services to individuals with disabilities transitioning into the workplace or already employed, set to launch in 2015. The goals of the project are to: improve the financial skills of approximately 15,000 individuals across the spectrum of disability to effectively navigate the financial marketplace, resulting in improved credit, reduced debt, and increased savings; and build the capacity of diverse multi-sector systems (non-disability and disability) in up to 14 cities to unite around the common purpose of building financial security for individuals with disabilities.