The card issuers are required to report the data to the federal government twice annually under the The Fair Credit and Charge Card Disclosure Act of 1988. While the card information has historically been gathered from the 25 largest issuers and another 125 smaller institutions, the agency said it will now let other financial institutions voluntarily offer information about their card products.
Besides helping American consumers find the best credit cards, the CFPB said it aims to help smaller credit card issuers, which typically offer lower interest rates, to connect with consumers. Ultimately, the agency’s goal is to foster greater competition in the credit card market, the press release said.
