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Rep. Louise Slaughter

On-Campus Credit Card Deals Fading Away

Their on-campus credit card activities now closely monitored by federal regulators, financial institutions increasingly are turning to debit cards, prepaid cards and bank accounts to attract college students into financial relationships, according to a new government report.The federal Consumer Financial Protection Bureau (CFPB) reported this week that marketing promotions and profitable deals between credit card issuers and colleges and universities have declined significantly since new federal rules took effect in 2009.But similarly lucrative deals involving debit cards, prepaid cards and bank accounts -- all unaffected by the new regulations -- are on the rise. In fact, unmonitored marketing relationships involving debit and prepaid cards and bank accounts now outnumber campus-related credit card agreements, the CFPB reported.Consumer advocates and other critics have asserted for years that such deals between schools and financial institutions prey on young, unsophisticated college ...

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