CFPB examines college credit card agreement decline

A new report from the Consumer Financial Protection Bureau (CFPB) said the market for college credit cards continued its general declining trend in 2020. The 12th annual college credit card report found that agreements with alumni associations made up the largest share of the market in terms of the number of agreements, accounts and amounts […]

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A new report from the Consumer Financial Protection Bureau (CFPB) said the market for college credit cards continued its general declining trend in 2020.

The 12th annual college credit card report found that agreements with alumni associations made up the largest share of the market in terms of the number of agreements, accounts and amounts of payments made by issuers to their counterparties. The report revealed that the total volume of payments by issuers decreased to $20,882,930, from $24,980,457 in 2019 while 10 percent of active 2019 agreements were terminated during the year.

“The CFPB remains steadfast in its efforts to ensure our financial markets work for consumers, responsible providers, and the economy as a whole, especially for students,” CFPB Acting Director Uejio said. “Our duty to collect and publish data on these credit card agreements supports transparency and an informed public.”

The report was issued in accordance with Credit Card Accountability, Responsibility, and Disclosure Act (CARD Act) requirements. The CARD Act requires credit card issuers to annually submit to the CFPB the terms and conditions of any college credit card agreement in effect at any time during the preceding calendar year between an issuer and an institution of higher education.

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