Last week, the Consumer Financial Protection Bureau took action to help consumers receive relief during the pandemic more quickly from their credit card issuer. Regulation Z requires that creditors provide written disclosures to consumers for account-opening and temporary rate or fee reduction.
During the pandemic, consumers may seek to open a new account or request a temporary reduction in APR or fees for an existing account or a low-rate balance transfer. The bureau is providing temporary and targeted flexibility for credit card issuers regarding the electronic provision of certain disclosures required to be in writing during this pandemic.
Read the full statement here.