CFPB Launches College Credit Card Agreement Database, Releases Annual Report on College Card Agreements

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On November 1, the CFPB launched a database of college credit card agreements in effect during 2011 and released an annual report to Congress on such agreements. The database provides copies of all 2011 agreements and presents other information submitted by card issuers for each agreement, including total payments, total open accounts, and new accounts opened in 2011. The report presents summary information about the data reflected in the database and identifies some trends from 2009-2011. For example, the report notes that (i) the total number of college card agreements declined from 2010 to 2011, (ii) issuers added 26 new agreements in 2011, and (iii) the majority of agreements were between issuers and an organization affiliated with an institution of higher education (such as an alumni association) or an institution of higher learning.