SEC. 2. COLLEGE CREDIT CARD AGREEMENTS. 
(a) IN GENERAL.—Section 127 of the Truth in Lend-
ing Act is amended by adding at the end the following 
new subsection: 
‘‘(i) COLLEGE CARD AGREEMENTS.— 
‘‘(1) DEFINITIONS.—For purposes of this sub-
section, the following definitions shall apply: 
‘‘(A) COLLEGE AFFINITY CARD.—The term 
‘college affinity card’ means a credit card issued 
by a credit card issuer under an open end con-
sumer credit plan in conjunction with an agree-
ment between the issuer and an institution of 
higher education, or an alumni organization or 
foundation affiliated with or related to such in-
stitution, under which such cards are issued to 
college students who have an affinity with such 
institution, organization and— 
‘‘(i) the creditor has agreed to donate 
a portion of the proceeds of the credit card 
to the institution, organization, or founda-
tion (including a lump sum or 1-time pay-
ment of money for access); 
‘‘(ii) the creditor has agreed to offer 
discounted terms to the consumer; or 
‘‘(iii) the credit card bears the name, 
emblem, mascot, or logo of such institu-
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tion, organization, or foundation, or other 
words, pictures, or symbols readily identi-
fied with such institution, organization, or 
foundation. 
‘‘(B) COLLEGE STUDENT CREDIT CARD AC-
COUNT.—The term ‘college student credit card 
account’ means a credit card account under an 
open end consumer credit plan established or 
maintained for or on behalf of any college stu-
dent. 
‘‘(C) COLLEGE STUDENT.—The term ‘col-
lege student’ means an individual who is a full- 
time or a part-time student attending an insti-
tution of higher education. 
‘‘(D) INSTITUTION
OF
HIGHER
EDU-
CATION.—The term ‘institution of higher edu-
cation’ has the same meaning as in section 101 
and 102 of the Higher Education Act of 1965 
(20 U.S.C. 1002). 
‘‘(2) REPORTS BY CREDITORS.— 
‘‘(A) IN
GENERAL.—Each creditor shall 
submit an annual report to the Board con-
taining the terms and conditions of all business, 
marketing, and promotional agreements and 
college affinity card agreements with an institu-
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tion of higher education, or an alumni organiza-
tion or foundation affiliated with or related to 
such institution, with respect to any college stu-
dent credit card issued to a college student at 
such institution. 
‘‘(B) DETAILS OF REPORT.—The informa-
tion required to be reported under subpara-
graph (A) includes— 
‘‘(i) any memorandum of under-
standing between or among a creditor, an 
institution of higher education, an alumni 
association, or foundation that directly or 
indirectly relates to any aspect of any 
agreement referred to in such subpara-
graph or controls or directs any obligations 
or distribution of benefits between or 
among any such entities; 
‘‘(ii) the amount of payments from 
the creditor to the institution, organiza-
tion, or foundation during the period cov-
ered by the report, and the precise terms 
of any agreement under which such 
amounts are determined; and 
‘‘(iii) the number of credit card ac-
counts covered by any such agreement that 
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were opened during the period covered by 
the report and the total number of credit 
card accounts covered by the agreement 
that were outstanding at the end of such 
period. 
‘‘(C) AGGREGATION
BY
INSTITUTION.— 
The information reported under subparagraph 
(A) shall be aggregated with respect to each in-
stitution of higher education or alumni organi-
zation or foundation affiliated with or related to 
such institution. 
‘‘(3) REPORTS
BY
BOARD.—The Board shall 
submit to the Congress, and make available to the 
public, an annual report that lists the information 
concerning credit card agreements submitted to the 
Board under paragraph (2) by each institution of 
higher education, alumni organization, or founda-
tion.’’. 
(b) STUDY
AND REPORT
BY
THE COMPTROLLER 
GENERAL.— 
(1) STUDY.—The Comptroller General of the 
United States shall from time to time review the re-
ports submitted by creditors and the marketing 
practices of creditors to determine the impact that 
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college affinity card agreements and college student 
card agreements have on credit card debt. 
(2) REPORT.—Upon completion of any study 
under paragraph (1), the Comptroller General shall 
periodically submit a report to the Congress on the 
findings and conclusions of the study, together with 
such recommendations for administrative or legisla-
tive action as the Comptroller General determines to 
be appropriate. 
(c) EFFECTIVE DATE FOR INITIAL CREDITOR RE-
PORTS.—The initial reports required under paragraph 
(2)(A) of the amendment made by subsection (a) shall be 
submitted to the Board of Governors of the Federal Re-
serve System before the end of the 90-day period begin-
ning on the date of the enactment of this Act. 
Æ 
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