Consumer Financial Protection Bureau Report Finds Continued Decline in the Market for Certain Kinds of College Credit Cards
October 08, 2020 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) issued a report today 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.
To read the report click here: https://content.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-report-finds-continued-decline-market-certain-kinds-college-credit-cards/cfpb_college-credit-card-agreements-report_2020-10.pdf
The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.