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Washington
Fed launches online database on consumer card terms
WASHINGTON (5/26/10)—As required by the new credit card law, the Federal Reserve this week launched an online database that lists terms and conditions of more than 300 credit card issuers. The database is intended to help consumers find a card that best suits their personal finance needs. The database features the terms of more than 1,000 agreements from the 300 issuers, and lists them alphabetically. Credit union issuers are among those whose terms are displayed, but not all consumer credit card agreements are available in the database. The Fed’s rules, implementing the Credit Card Accountability, Responsibility and Disclosure Act, exempted issuers with fewer than 10,000 open credit card accounts from submission because, a Fed release noted, the overwhelming majority of credit card accounts are held by issuers that have more than 10,000 open accounts. The database will be updated quarterly. The next submission deadline is Aug. 2.
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