Three credit unions notified the Federal Reserve Board about their card issuing in association with colleges or universities in 2009.
The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 required card issuers that have card issuing relationships with educational institutions and their affiliated organizations like alumni groups to disclose those agreements.
The card issuers had to reveal how much they paid the educational institution as part of the card deal in 2009, how many new accounts were opened at the educational institution and how many total accounts the issuer had opened with the institution.
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The three credit unions that reported issuing agreements with educational institutions were the $926 million Elevations Credit Union; the $1.9 billion Michigan State University Federal Credit Union and the $3.6 billion Pennsylvania State Employees Credit Union.
Of the three, PSECU reported the largest number of programs, issuing relatively small numbers of cards for eleven different educational institutions or affiliated groups and paying them, collectively, roughly $8,000 in 2009. MSUFCU paid Oakland University, headquartered in Rochester, Mich., $60,000 for the 275 accounts members have there and Elevations paid $3,372 to the Regents of the University of Colorado for activity on the 2,408 accounts at that institution.
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