Information about the vote from special interest groups and other information providers in our Report Cards:
U.S. Public Interest Research Group
Consumer Protection/Protect College Students from Unfair Credit Offers.
Studies have documented abusive credit card marketing on college campuses as well as serious credit card delinquency problems among students and others under 21. During consideration of S.420, a credit card industry-backed bankruptcy bill, Sen. Dodd (D-CT) proposed an amendment to prohibit credit card offers to consumers under 21 unless they either have a co-signer, show an ability to repay their loans, or have completed a credit education course. Other credit card applicants need either an ability to repay or a cosigner, but typically the industry waives these requirements for students, hoping to hook them on their cards. The Senate voted to table (kill) the amendment.