WASHINGTON, D.C. – The Consumer Financial Protection Bureau recently issued a report on agreements between credit card issuers and institutions of higher education, as well as certain organizations affiliated with such institutions.
The report finds that in 2019 the number of total agreements in effect, as well as the number of accounts open under the agreements, continues a general trend of decline.
Overall, between 2009 and 2019 the number of agreements in effect, year-end open accounts, and payments by issuers all declined by more than two-thirds. Agreements with alumni associations continue to represent the large majority of agreements, accounts, and payments by issuers.
The Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act) requires credit card issuers to submit to the Bureau an annual report of information on their agreements with institutions of higher education, or certain organizations affiliated with such institutions.
The CARD Act also requires the Bureau to submit to Congress, and to make available to the public, and annual report that lists that information. The college credit card information and agreements submitted to the Bureau by credit card issuers are available on the Bureau’s website.
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