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In May, the Credit Card Accountability Responsibility and Disclosure (CARD) Act 2009 became law. The CARD Act protects consumers by mandating clear, transparent and easy to understand terms and conditions for all credit card and open-end loans such as First Tech auto loans obtained at a branch, personal loans and home equity loans and lines of credit. Provisions will phase in through August 2010.
We’re here for you
Your financial well-being is our top priority and we’re here to help you understand how the CARD Act affects your credit cards and loans. We’ve put together some information that outlines how the Act’s provisions affect all financial institutions and your First Tech loans.
The provisions are a work in progress. The Federal Reserve is currently detailing how financial institutions should implement the rate, fee and minimum age changes by February 22, 2010, and rate change notice and explanation changes by August 22, 2010. We’ll continue to add details as they become available. Check back often to learn more.
If you have any questions, please give us a call at 800.637.0852.
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