Lightspeed Research PowerPoint Template

Credit CARD Act – Protection of Young Consumers(February 22, 2010)• Prohibits issuance of credit card to consumer under age 21 unlessapplication includes either an adult co-signer or demonstrates anindependent ability to repay• Colleges/universities must disclose credit card marketing arrangementsand card issuers may not give tangible goods to induce applicationsat/near campus or college/university-sponsored events• Colleges/universities must disclose credit card marketing arrangements• Issuers are prohibited from providing tangible goods to induceapplications at/near campus or college/university-sponsored events• Issuers must report annually to the Federal Reserve Board on the termsand conditions of any marketing or affinity card agreements betweenthe issuer and any institution of higher educationCopyright © 2010 Alston+Bird LLP. Proprietary and Confidential. All rights reserved.13ALSTON+BIRD LLP