CFPB releases annual college credit card report
On December 31, the CFPB released its annual report to Congress on college credit card agreements. The report was prepared pursuant to the CARD Act, which requires card issuers to submit to the CFPB the terms and conditions of any agreements they make with colleges, as well as certain organizations affiliated with colleges. The CFPB cited data from 2018 showing that (i) the number of college card agreements in effect declined “both year-over-year as well as in comparison to 2009,” the first year data was collected; (ii) no new issuers submitted data to the Bureau for the first time since 2011, and two issuers left the market; and (iii) agreements with alumni associations continue to dominate the market based on most metrics. The complete set of credit card agreement data collected by the Bureau can be accessed here.