SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Student Credit Card Transparency Act 
of 2009''.

SEC. 2. COLLEGE CREDIT CARD AGREEMENTS.

    (a) In General.--Section 127 of the Truth in Lending Act is amended 
by adding at the end the following new subsection:
    ``(i) College Card Agreements.--
            ``(1) Definitions.--For purposes of this subsection, the 
        following definitions shall apply:
                    ``(A) College affinity card.--The term `college 
                affinity card' means a credit card issued by a credit 
                card issuer under an open end consumer credit plan in 
                conjunction with an agreement between the issuer and an 
                institution of higher education, or an alumni 
                organization or foundation affiliated with or related 
                to such institution, under which such cards are issued 
                to college students who have an affinity with such 
                institution, organization and--
                            ``(i) the creditor has agreed to donate a 
                        portion of the proceeds of the credit card to 
                        the institution, organization, or foundation 
                        (including a lump sum or 1-time payment of 
                        money for access);
                            ``(ii) the creditor has agreed to offer 
                        discounted terms to the consumer; or
                            ``(iii) the credit card bears the name, 
                        emblem, mascot, or logo of such institution, 
                        organization, or foundation, or other words, 
                        pictures, or symbols readily identified with 
                        such institution, organization, or foundation.
                    ``(B) College student credit card account.--The 
                term `college student credit card account' means a 
                credit card account under an open end consumer credit 
                plan established or maintained for or on behalf of any 
                college student.
                    ``(C) College student.--The term `college student' 
                means an individual who is a full-time or a part-time 
                student attending an institution of higher education.
                    ``(D) Institution of higher education.--The term 
                `institution of higher education' has the same meaning 
                as in section 101 and 102 of the Higher Education Act 
                of 1965 (20 U.S.C. 1002).
            ``(2) Reports by creditors.--
                    ``(A) In general.--Each creditor shall submit an 
                annual report to the Board containing the terms and 
                conditions of all business, marketing, and promotional 
                agreements and college affinity card agreements with an 
                institution of higher education, or an alumni 
                organization or foundation affiliated with or related 
                to such institution, with respect to any college 
                student credit card issued to a college student at such 
                institution.
                    ``(B) Details of report.--The information required 
                to be reported under subparagraph (A) includes--
                            ``(i) any memorandum of understanding 
                        between or among a creditor, an institution of 
                        higher education, an alumni association, or 
                        foundation that directly or indirectly relates 
                        to any aspect of any agreement referred to in 
                        such subparagraph or controls or directs any 
                        obligations or distribution of benefits between 
                        or among any such entities;
                            ``(ii) the amount of payments from the 
                        creditor to the institution, organization, or 
                        foundation during the period covered by the 
                        report, and the precise terms of any agreement 
                        under which such amounts are determined; and
                            ``(iii) the number of credit card accounts 
                        covered by any such agreement that were opened 
                        during the period covered by the report and the 
                        total number of credit card accounts covered by 
                        the agreement that were outstanding at the end 
                        of such period.
                    ``(C) Aggregation by institution.--The information 
                reported under subparagraph (A) shall be aggregated 
                with respect to each institution of higher education or 
                alumni organization or foundation affiliated with or 
                related to such institution.
            ``(3) Reports by board.--The Board shall submit to the 
        Congress, and make available to the public, an annual report 
        that lists the information concerning credit card agreements 
        submitted to the Board under paragraph (2) by each institution 
        of higher education, alumni organization, or foundation.''.
    (b) Study and Report by the Comptroller General.--
            (1) Study.--The Comptroller General of the United States 
        shall from time to time review the reports submitted by 
        creditors and the marketing practices of creditors to determine 
        the impact that college affinity card agreements and college 
        student card agreements have on credit card debt.
            (2) Report.--Upon completion of any study under paragraph 
        (1), the Comptroller General shall periodically submit a report 
        to the Congress on the findings and conclusions of the study, 
        together with such recommendations for administrative or 
        legislative action as the Comptroller General determines to be 
        appropriate.
    (c) Effective Date for Initial Creditor Reports.--The initial 
reports required under paragraph (2)(A) of the amendment made by 
subsection (a) shall be submitted to the Board of Governors of the 
Federal Reserve System before the end of the 90-day period beginning on 
the date of the enactment of this Act.
Student Credit Card Transparency Act of 2009 - Amends the Truth in Lending Act to require creditors to report annually to the Federal Reserve Board on the terms and conditions of all business, marketing, and promotional agreements and college affinity card agreements with institutions of higher education, or related alumni organizations or foundations, with respect to college student credit cards issued to students at such schools.

Directs the Comptroller General to review such reports and creditor marketing practices periodically and report to Congress on the affect college affinity card agreements and college student credit card agreements have on credit card debt.
{"src": "billsum_test", "title": "To amend the Truth in Lending Act to require creditors to report the terms and conditions of all business, marketing, promotional agreements and college affinity card agreements with institutions of higher education and alumni organizations, and for other purposes."}