Annual Report to Congress on College Credit Card Agreements

1 ANNUAL REPORT TO CONGRESS: COLLEGE CREDIT CARDS OCTOBER 2012 ANNUAL REPORT TO CONGRESS College Credit Card Agreements 2 ANNUAL REPORT TO CONGRESS: COLLEGE CREDIT CARDS Table of Contents 1. Purpose.................................................................................................... 4 2. Introduction ............................................................................................. 5 3. Overview of College Card Agreements ................................................. 7 3.1 Credit Card Issuers ........................................................................... 7 3.2 College Card Agreements ................................................................ 9 3.3 Institutions of Higher Education, Affiliated Organizations, and Other Organizations ....................................................................... 11 3.4 Open College Credit Card Accounts ............................................... 12 4. Detailed Information About College Credit Card Agreements .......... 20 Appendix A: ................................................................................................. 22 College Credit Card Agreements in Effect in 2011 ................................. 22 Appendix B: ................................................................................................. 61 College Credit Card Agreements Terminated in 2010 ............................ 61 3 ANNUAL REPORT TO CONGRESS: COLLEGE CREDIT

CARDS Appendix C: ................................................................................................. 67 Corrected Information Regarding College Credit Card Agreements ...... 67 4 ANNUAL REPORT TO CONGRESS: COLLEGE CREDIT CARDS 1. Purpose The Credit CARD Act requires the Consumer Financial Protection Bureau (“CFPB”) 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 affiliated organizations. a Affiliated organizations include fraternities, sororities, alumni associations, or foundations affiliated with or related to an institution of higher education. As this report demonstrates, the majority of college credit card agreements are between issuers and affiliated organizations. This is the third annual report pursuant to this provision of the Credit CARD Act. The first two reports were submitted by the Federal Reserve Board. Pursuant to Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, responsibility for collecting and submitting to Congress annual reports regarding college credit card agreements transferred from the Federal Reserve Board to the CFPB on July 21, 2011. a The Consumer Financial Protection Bureau (the “CFPB”) submits this report in accordance with Section 305 of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (the “Credit CARD Act”), Pub. L. No. 111–24, 123 Stat. 1734 (2009). Section 305(a). 5 ANNUAL REPORT TO CONGRESS: COLLEGE CREDIT CARDS 2. Introduction Credit card issuers are required b to submit to the CFPB each year the terms and conditions of any college credit card agreement that was in effect at any time during the preceding calendar year between the issuer and an institution of higher education, an alumni organization, or a foundation affiliated with an institution of higher education (an “affiliated organization”). c Issuers are also required to submit the following information with respect to each agreement: (1) the number of credit card accounts covered by the agreement (“college credit card accounts”) that were open at year-end (regardless of when the account was opened); (2) the amount of payments made by the issuer to the institution or organization during the year; d (3) the number of new college credit card accounts covered by the agreement that were opened during the year; and 4) any Memorandum of Understanding (MOU) between the issuer and institution or affiliated organization that directly or indirectly relates to any aspect of the agreement. b See Section 305 of the Credit...

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