Yesterday, the Federal Reserve Board issued its second report to Congress concerning agreements between credit card issuers and institutions of higher education or certain affiliated organizations (e.g., alumni associations or foundations) that provide for credit card issuance to college students.
Under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (the Credit CARD Act), credit card issuers must submit to the Board each year a copy of any college credit card agreement between the issuer and an institution of higher education or affiliated organization that was in effect during the preceding calendar year, as well as data on the number of credit card accounts opened pursuant to that agreement that were open at year-end, the amount of payments made to the institution or affiliated organization during the year, and the number of new college credit card accounts that were opened during the year. The Credit CARD Act requires the Board to report to Congress each year on the data it has collected from the card issuers. The new report is for the year ended December 31, 2010.
In addition to the report, the Board published copies of each college credit card agreement it received for the reporting period ended December 31, 2010