Federal Reserve Releases Report on College Credit Card Agreements

By  |  July 11, 2011
 | 

Source: www.federalreserve.gov

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    The Federal Reserve Board on Thursday released a report that contains 2010 payment and account information about more than 1,000 agreements between institutions of higher education or affiliated organizations and credit card issuers. The Board also updated an online database that includes the full text of each agreement that was in effect during 2010.

    The Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act) requires issuers to submit to the Board annually their agreements with educational institutions or affiliated organizations, such as alumni associations. For each agreement, issuers are also required to submit information regarding payments made to the institution or organization and the number of accounts opened under the agreement.

    An online database, www.FederalReserve.gov/CollegeCreditCardAgreements, provides the complete text of each agreement and the payment and accounts information submitted by issuers. Users may also search for agreements by card issuer, by educational institution or organization, or by the city or state in which the institution or organization is located.

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