By now, almost everyone has heard of the Credit CARD Act of 2009. This bill, which just went into effect, finally created some basic consumer protections for credit card borrowers. While these companies are doing their best to find new and creative ways to stick it to their customers, the bill stopped some of the worst abuses, and made sure that credit card companies could no longer treat college students, whom they courted aggressively, differently from the rest of the population.
There is a provision in the bill that many people have not heard about, however, and it could be a real help to student journalists, student government, and anyone else who is trying to make sure that colleges, credit card companies, and alumni associations are not taking advantage of students. This provision, championed by Pennsylvania Rep. Patrick Murphy, requires schools to disclose agreements that they have with credit card companies allowing them to market to students. It also allows any individual to request this information. (more…)
Earlier today, Congress passed the Credit Cardholders’ Bill of Rights. The bill will end some of the worst abuses of the credit card industry by creating protections for borrowers – especially young people and students.