Fed Provides Updates on Consumer Credit Card Agreements

Credit card offersThe Federal Reserve is making it a bit easier for consumers to compare credit card agreements for more than 300 issuers with a new searchable online database.
The agreements contain credit terms and conditions, and pricing and fee information.
The database at www.federalreserve.gov/creditcardagreements will be updated quarterly.
The credit card reform laws that took effect Feb. 22 requires card issuers to post account agreements on their own websites, and to make them available to customers upon request.
The Fed’s database does not included credit card issuers with fewer than 10,000 open credit card accounts.
“The overwhelming majority of credit card accounts are held by issuers that have more than 10,000 open accounts,” the Fed said in a statement.
The Fed, which issues final rules for credit card issuers, also has a resource website for consumers on the new laws.

One thought on “Fed Provides Updates on Consumer Credit Card Agreements

Leave a Reply

Your email address will not be published. Required fields are marked *