Federal Reserve Board of Governors Report to the Congress on College Credit Card Agreements

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When the Credit Card Accountability and Responsibility and Disclosure Act -- better known as the CARD Act -- went into effect in February, it required credit card companies to disclose how much they pay colleges for the right to set up on campuses -- plus how many new borrowers it racked up. On Monday, the Federal Reserve made its first report.

College degrees that don't pay

In total, the report showed that credit card companies spent $82.4 million to net 53,164 new student accounts in 2009.

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