Federal Reserve Opens Credit Card Agreement Database to the Public

The Federal Reserve recently launched the latest phase of its consumer education initiative, a comprehensive database of credit card agreements from over 300 prominent lenders. The database extends the reach of the "What You Need to Know" website unveiled earlier in the year. Consumers can use a search engine-style text box to hunt for a particular lender, or they can browse submissions from a comprehensive list. Consumers can expect to find numerous card agreements listed under each lender, reflecting the number of credit card products on today's market.

The Fed's website isn't the only place consumers can get access to credit card agreements. The Credit CARD Act requires lenders to make account agreements available on their websites, and to make printed copies of agreements available to cardholders upon request. Not every credit card issuer has been included in the Federal Reserve's database, however. Smaller lenders with fewer than 10,000 active accounts have been excluded from reporting rules. New banking regulations require lenders to update their credit card agreements with the database every three months.

About the Author


Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.