(Source: The Detroit Press BY DAVID JESSE) – Michigan universities and alumni associations that offer branded credit cards made $2.7 million in commissions and royalties last year, according to a first-ever Federal Reserve report required by new laws that regulate marketing to college students.Sixteen Michigan higher education institutions — either through the school or alumni group — reported payments from card issuer agreements.

The Alumni Association of the University of Michigan made the most in the state, $1.6 million, also the third most in the nation. Michigan State University was second in the state with a reported $457,000.

Source: The Detroit Press BY DAVID JESSE

9:15 PM, Aug. 29, 2011

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