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Tell Congress to Plug the College Kickback Loophole in the Credit CARD Act
  1. Signatures
    310 out of 500
    Petitioning
    1. The President of the United States (+ 2 others)
      Petitioning
      close
      • The President of the United States
      • The U.S. Senate
      • The U.S. House of Representatives
  2. Created By
    Brittany Shoot
    Boston, MA
About this Petition Petition Letter Petition Updates

Credit card marketing on college campuses is ubiquitous, but another type of predatory program is also becoming the norm — and it's sanctioned, even encouraged, by university administrators and alumni organizations.

A number of colleges and universities have been inking deals with banks and credit card companies over the past few years, allowing lenders onto campuses and giving special access to some university events. Alumni and current student address lists are being sold, and institutions of higher ed are reaping the benefits in kickback fees and percentages earned on each cardholder account.

Last year, President Obama signed landmark legislation to curb these types of marketing ploys, and to some degree, the Credit Card Accountability, Responsibility and Disclosure Act has been successful. But these types of "affinity agreements" between public universities and financial institutions like Bank of America are often quite secretive yet totally legal thanks to a loophole in the Credit CARD Act. Affinity agreements target young people and are bad for everyone.

Students and alumni have a right to not be preyed upon by credit card companies who buy their information from universities. Tell Congress to plug the holes in the Credit Card Accountability, Responsibility and Disclosure (CARD) Act to protect students across the country. 

Photo credit: Andres Rueda

Why People Are Signing
Recent Signatures

Plug Holes for Affinity Agreements in the Credit CARD Act

Greetings,

In the last few years, some of the nation's biggest universities have been making substantial profits from selling their student and alumni address lists to credit card companies. Some companies are granted special access to school events, and many banks offer incentives to the schools and alumni associations whenever a purchase is made using one of the cards. Instead of encouraging students to engage in responsible spending, some schools make more money the longer the cards are kept and used.

The Credit Card Accountability, Responsibility and Disclosure Act has helped curb the most egregious behaviors on campuses, but sadly, it hasn't been enough. Colleges continue to find loopholes to partner with corporate giants like Bank of America. Many have defended the practice, saying the surplus in income could help with budget shortfalls. But should we really have to ask universities, those entrusted with the education and well-being of future generations, to stop treating students' data like a telemarketer would?

Credit card companies and banks should not be encouraged to prey on students on public campuses, nor should they be allowed to offer incentives to administrators and alumni organizations for promoting their cards. I urge you to plug the holes in the Credit CARD Act that allow universities and financial institutions to make secret affinity agreements.

[Your name]

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