The Federal Reserve Board on Wednesday clarified that banks may not mail unsolicited credit cards to consumers, even if the product also serves as a stored-value card.

In its revised Truth-in-Lending Act staff commentary, the Fed also said banks may send out cards imprinted with a consumer's name, provided the cards are not connected to a credit plan.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.