Fed Reports Significant Decline in Profitability of Credit Card Issuers

The Federal Reserve has published its latest annual report on the Profitability of Credit Card Operations of Depository Institutions . Section 8 of the Fair Credit and Charge Card Disclosure Act of 1988 directs the Federal Reserve Board to transmit annually to the Congress a report about the profitability of credit card operations of depository institutions. From the report: "In 2008, credit card banks with assets in excess of $200 million reported net earnings before taxes of 1.43 percent of