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News Now

Washington
Inside Washington (06/06/2008)
* WASHINGTON (6/9/08)--A law enacted in Tennessee cracks down on credit card solicitations on college campuses, and may set a precedent for more tightly regulating the credit card push on campus. Tennessee’s law gives public university students the ability to opt out of the collection of personal information for solicitation purposes. Other states, such as California, Texas and Oklahoma have passed similar legislation. Texas has limited where companies can market cards on campuses, and Oklahoma made it illegal for colleges to sell students’ personal information to companies (American Banker June 6). Last month, Senate Banking Committee Chairman Christopher Dodd (D-Conn.) proposed credit card reform that would ban universal default, double-cycle billing and interest charged on fees. The bill also would limit prescreened offers of credit to consumers under 21. Issuers would also have to collect the signature of a parent or guardian before an individual under 21 is given a card (News Now May 1). Dodd’s bill aims to address complaints about young adults receiving credit card solicitations in the mail just after they turn 18. Some claim that the marketing practice could lead young consumers into high levels of debt ...


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