CFPB Releases Annual Report on College Credit Agreements
November 7, 2012
The Consumer Financial Protection Bureau (CFPB) recently released its 2012 yearly report on college credit card agreements, which found that most college credit card deals are between issuers and affiliates of colleges and universities. In 2011, about 42 percent of all college card agreements were between an issuer and an alumnus of an institution of higher education; 33 percent of agreements were between an issuer and an institution of higher education; and 18 percent of contracts were between an issuer and another organization connected to a college or university. Between 2009 and 2011, the number of credit card issuers jumped; while the number of agreements, amount of payments by issuers, total number of accounts open at year's end, and number of new college credit card applicants fell.
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