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University CUs Shift Card Programs

Credit unions that serve university students report that the latest round of credit card regulations will likely restrict the number of student members who will able to get cards.

By David Morrison | Updated on February 23, 2010

Credit unions that serve university students report that the latest round of credit card regulations will likely restrict the number of student members who will able to get cards.

Prior to the Credit Card Accountability, Responsibility and Disclosure Act that was enacted law last year, the credit unions reported that they would offer credit cards with low credit limits uniformly to students, including incoming freshmen. The low limit made them very low risk for both the student and the credit union and allowed the student to begin to build credit history, the credit unions reported. But the new law cuts off many students from this sort of card program.

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