Given that President Obama recently signed legislation to protect consumers from rapacious credit card companies' practices, does the legislation contain any protections for college students?

"Every fall, credit card companies descend on college campuses armed with free gifts to entice students to sign up for credit cards. For years, I have argued for legislation to protect students from predatory credit card practices, which often lead to students overspending and amassing debt. The newly enacted Credit Card Accountability Responsibility and Disclosure Act of 2009 attempts to curb these practices. In 2010, a credit card company will not be able to issue cards to a consumer under the age of 21 unless the consumer has a co-signer or demonstrates he or she is financially capable of repaying credit card purchases. Unfortunately, that means students with limited resources and from economically disadvantaged backgrounds could be shut off from obtaining credit when they need it most (i.e. to purchase books for classes). The Board of Governors of the Federal Reserve System will propose safe harbor provisions to prevent this problem."

Creola Johnson
Professor of Law