ABA Launches CardPolicyInfo.com

To meet the growing demand for accurate information on credit cards and various legislative and regulatory proposals pertaining to them, the American Bankers Association today launched www.CardPolicyInfo.com.  The new Web site provides extensive background information on credit cards, the ongoing legislative and regulatory process, and tips for consumers on using credit cards wisely.

“There is a strong need for accurate information on credit cards amongst legislators, regulators, press and consumers.  CardPolicyInfo.com can help people better understand how credit cards work, the changes that are being discussed, and how those changes will impact consumers, card issuers, and the broader economy,” said Ken Clayton, senior vice president of card policy at ABA. 

In particular, the Web site provides detailed information on the negative impact of “The Credit Cardholders Bill of Rights” (H.R. 5244) and the ABA’s comments on credit card regulations recently proposed by the Federal Reserve, Office of Thrift Supervision and the National Credit Union Administration.

CardPolicyInfo.com also features educational pieces such as A Pocket Guide to the Credit Card Industry; fact sheets on risk-based pricing, payment allocation, and interest rates; and an economic impact study conducted by economist Jonathan Orszag which analyzes the negative impact of legislation on the highly competitive credit card industry.  The Web site also has extensive resources for consumers.

“Credit card issuers and the ABA are deeply committed to financial literacy, which is why we’re holding activities nationwide on Get Smart About Credit Day on Oct. 16,” said Clayton.  “Understanding your card – its terms and limits – is the first step in making good financial decisions.” 

A significant portion of the new Web site and its sister site, www.GetSmartAboutCredit.com, are dedicated to providing consumers with educational materials, as well as information on how currently proposed legislation will increase costs for all credit card users.

For additional information on the website please contact Peter Garuccio at 202-663-5452 or pgarucci@aba.com.

The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation’s banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $13.3 trillion in assets and employ over 2 million men and women.