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Category: To Congress

2016 College credit card agreements

The Credit Card Accountability, Responsibility and Disclosure Act (“CARD Act”) requires us to submit to Congress, and to make available to the public, an annual report that lists information submitted to the Bureau concerning agreements between credit card issuers and institutions of higher education or certain organizations affiliated with such institutions. This report refers to these agreements as “college credit card agreements” or simply “agreements.” Affiliated organizations include fraternities, sororities, alumni associations, or foundations affiliated with or related to an institution of higher education.

Concurrent with the publication of this report, the Bureau has published a new compliance bulletin to assist colleges   seeking to understand their obligations under the CARD Act and Regulation Z related to the publication of college credit card agreements. This bulletin builds on previous Bureau reports finding that many of the largest colleges and universities do not publish credit card agreements on their websites or make them available to students and the public upon request, creating high risks of non-compliance with the law.

Full report

Read the full report