Disclosure of Alumni Affinity Credit Card
and Student Banking Matters
Presbyterian College has entered into a contract with Bank of America to offer an affinity credit card to the College's alumni.
The College receives a fee, which goes to its annual fund and helps underwrite scholarships, based on alumni adoption and use of the affinity cards. Terms of the agreement are available from the Alumni Office upon request.
The College also has an agreement with Founders Federal Credit Union to provide an ATM to students on campus, and provides space during orientation to a number of banks to offer checking accounts to incoming students.
The College does not provide space to or receive incentives from any bank or financial institution to market credit cards to students. The College does not offer students any incentives to accept such credit offers.
The College receives no commissions or other benefits from any lender providing student loans as part of financial aid. Information on student loans is available from the Financial Aid Office.
This notice is provided pursuant to the section 304, Credit Card Accountability Responsibility and Disclosure Act of 2009, which reads, in part: Section 140 of the Truth in Lending Act (15 U.S.C. 1650 ) is amended by adding at the end the following: ‘(f) Credit Card Protections for College Students
(1) DISCLOSURE REQUIRED- An institution of higher education shall publicly disclose any contract or other agreement made with a card issuer or creditor for the purpose of marketing a credit card.
(2) INDUCEMENTS PROHIBITED- No card issuer or creditor may offer to a student at an institution of higher education any tangible item to induce such student to apply for or participate in an open end consumer credit plan offered by such card issuer or creditor, if such offer is made-
(A) on the campus of an institution of higher education;
(B) near the campus of an institution of higher education, as determined by rule of the Board; or
(C) at an event sponsored by or related to an institution of higher education.
(3) SENSE OF THE CONGRESS- It is the sense of the Congress that each institution of higher education should consider adopting the following policies relating to credit cards:
(A) That any card issuer that markets a credit card on the campus of such institution notify the institution of the location at which such marketing will take place.
(B) That the number of locations on the campus of such institution at which the marketing of credit cards takes place be limited.
(C) That credit card and debt education and counseling sessions be offered as a regular part of any orientation program for new students of such institution.
