NY AG Cuomo Investigating Credit Card Companies Marketing To New York College Students

New York Attorney General Andrew Cuomo facilitated a statewide investigation of credit-card companies marketing to college students through their schools.

According to Bloomberg, Cuomo mailed letters to colleges and universities across the state, requesting them to submit any exclusive contracts they have with credit card and debit card companies.

“Today’s students are facing a growing mountain of debt that can burden them long after graduation,” Cuomo said. “As the new school year begins, we want to make sure that colleges and universities are doing all that they can to help students avoid financial dangers.”

The new Credit Card Accountability, Responsibility, and Disclosure Act that went into full effect on August 22 put new stringent restrictions on young adults looking to apply for credit. Under the recently implemented regulations, individuals ages 21 and below must have an adult co-signer or the financial means to repay the debt in order to obtain a card under the new legislation.

Bloomberg also noted that prior the full implementation of the CARD Act, most credit card issuers had been heavily criticized by the authority and industry expects for targeting students and persuading them to apply with giveaways.

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