The Michigan Daily - michigandaily.com
Legislation that took effect yesterday
t will place restrictions on credit cards
From Page 1
"If you look at the way we're
compensated, the number of
accounts that are opened, the
royalties that are generated, the
legislation doesn't really affect
the program," he said.
The Alumni Association has
partnered with Bank of America
since 1991, according to Sigler.
Currently, the two entities have a
10-year, $25 million contract that
began in 2004, according to the
contract between the partners.
According to Sigler, there are
approximately 75,000 accounts
open under the contract, 400 of
which belong to students.
Betty Riess, senior vice presi-
dent in corporate communi-
cations of Bank of America,
said student accounts generate
roughly two percent of the rev-
enue derived from the program
and that Bank of America and
the Alumni Association have not
marketed on campus in roughly
two years.
"We've been in compliance
with the laws for a while," she
said. "Our program has always
been targeted at non-students,
and this just focuses that a little
more."
The law, which was wide-
ly supported in Congress but
opposed by many banks, will also
make it mandatory for compa-
nies to notify account holders of
rising interest rates and spending
limits at least 45 days in advance.
It will also allow cardholders
to pay offtheir highest debts first,
which could be especially helpful
to college students, according to
Christine Lindstrom, director of
the Education Project on Debt
conducted by the United States
Public Interest Research Groups.
Lindstrom said the legislation
could be "huge and very signifi-
cant" for decreasing debt.
"By giving the cardholder
some ability to proactively fix
the problems that they had, to
get out from underneath the pen-
alty interest rate, you can lower
the debt that that person would
otherwise face," Lindstrum said
in an interview with the Daily in
September.
Though he said the Alumni
Association's relationship with
the bank doesn't stand to suffer
from the new laws, Sigler said
he thinks the legislation should
have focused more on educating
young consumers than sheltering
them.
"Having a credit card is as
much a part of the education-
al experience, the maturation
process of going to college and
being independent as anything
else," he said. "To put that bar-
rier in place does more of a dis-
service to younger people than
help them."
Credit card companies have
also warned that the laws will
drive up prices and limit credit
card availability when the coun-
try's economy needs spending.
School of Education junior
Elizabeth Miller said she's happy
about the new rules because
the age requirement could help
younger credit card applicants
avoid debt in the first place.
"I think it's good, because
when you're just starting in col-
lege and you're on your own,
you're likely to spend too much
money and get way too far into
debt," she said. "But maybe 21 is
a little late."
But School of Education junior
Stacey Weizeorick said that she
thinks not all students need to
have their financial behavior
regulated by the government or
supervised by their parents.
"I think it'll be helpful to
some, but like a lot of other age
requirements, I don't think it
should necessarily be a law for
everybody," she said.
LSA sophomore Laura King,
said she thinks think the age
requirement is unfairly inconsis-
tent with other federal laws.
"You can vote, you can go to
war, you can decide if you want
to get married, everything except
drinking," King said. "At 18,
you're technically an adult with
a lot of legal responsibilities, and
managing your money should be
one of them."
SENATE ASSEMBLY
From Page 1
tions.
"With that kind of change, as
many relationships as we can start
early - in other words, before they
even take office - the better," she
said.
Wilbanks also discussed the
state's budget for next year, focus-
ing on diminishing state funds and
the revamped Michigan Promise
Scholarship. Michigan Gov. Jen-
nifer Granholm recently proposed
bringing the Michigan Promise
Scholarship back as a tax credit for
students who commit to staying
in Michigan for a year following
graduation instead of a merit-based
scholarship.
In addition, Wilbanks talked
about proposed legislation that
if passed, would allow students
to carry concealed weapons on
campus. The proposed bill would
a override University policy that
bans weapons on campus, but it
would not supercede state law ban-
ning concealed weapons in resi-
dence halls, classrooms and arenas.
"We were able to slow down the
bill that would have eliminated the
regents ability to make decisions
about the safety of the campus
with respect to carrying concealed
weapons," Wilbanks said. "The
bill is still pending in the (state),
House and could be taken up at
any moment by the committee that
originally was looking at an entire
package of bills related to liberaliz-
ing gun laws."
PESCOVITZ DISCUSSES
FUTURE OF UMHS, NCRC
Executive Vice President for
Medical Affairs Ora Pescovitz also
spoke at yesterday's Senate Assem-
bly meeting and discussed the
future of the University of Michi-
gan Health System.
Pescovitz emphasized UMHS's
sizeable impact on campus, noting
that it comprises about one half of
Tuesday, February 23, 2010 - 7
the University in terms of money,
space and staff.
Pescovitz said when she was
transitioning to the University
about nine months ago, UMHS's
finances were not as secure as they
are now. She said foresight and
planning by UMHS management
before she arrived reduced expens-
es for the system.
"Our finances have stabilized,"
Pescovitz said.
Pescovitz said UMHS is grow-
ing in the number of people it will
be able to serve. In addition to
the opening of the North Campus
Research Complex - which UMHS
owns - UMHS is increasing the
number of hospital beds
Aside from the North Campus
Research Complex, which Pesco-
vitz discussed in detail, UMHS is
growing in terms of number of peo-
ple they will be able to serve. With
the new C.S. Motts Children's and
Von Voightlander Women's Hospi-
tal the number of licensed beds will
increase.
Pescovitz also outlined her main
goals for the future of UMHS.
"When we look at the future of
the health system we say that we
are creating the future of heath
care through discovery," she said.
In addition to this goal, Pesco-
vitz said she would like for the Uni-
versity to become a leader in health
care, health reform, biomedical
innovation and medical and nurs-
ing education.
According to Pescovitz, UMHS is
"knee deep" in a strategic planning
process which was put into effect
last September to help advance
these goals.
Pescovitz also discussed the
NCRC, saying she was very excited
about the potential of the complex
to "really do unprecedented things
to solve humankind's problems with
respect to solutions to problems that
have neverbeensolved before."
She added that she hopes when
the NCRC is fully functional, it will
play a very large role in changing
the economy locally, statewide and
regionally.
Davis has filed similar lawsuits before
From Page 1
all applicable laws and hold itself
to the same high standards it holds
its students to.
"It's very important for public
bodies to be open and to adhere
to the same legal regulations that
they hold student-athletes to, like
the NCAA regulations," Davis said.
Davis said he tried to attend
the private, hastily-called regents
meeting, but was not permitted to
do so.
"I had gone to the meeting on
Feb. 3 and had been denied entry
and had requested meeting min-
utes and was denied that," Davis
said. "There comes a point where
the law must be upheld."
Davis said he hopes his lawsuit
will encourage administrators to
publicly release the minutes from
the Feb. 3 meeting, to hold discus-
sions on the NCAA investigation in
an open meeting and ensure that a
similar event doesn't happen again
in the future.
However, University officials
have maintained no minutes exist
for the meeting, a claim that Davis
said he does not believe.
"Every elementary law student
or elementary student knows that
any meeting of a public body must
have (minutes)," he said.
In an interview last night,
University spokeswoman Kelly
Cunningham said it would be pre-
mature for her to comment on the
lawsuit, since the University has
yet to be officially served.
However, last week Cunning-
ham told the Daily she believed the
University had acted appropriately
when it held the private regents
meeting at the beginning of Febru-
ary.
One of Davis's attorneys, Aina
Watkins said this isn't the first
time Davis has brought a suit like
this, noting that he has filed sever-
al suits regarding the Open Meet-
ings Act in the past.
"He just believes that pub-
lic bodies need to keep the pub-
lit informed about the decisions
that they make regarding public
employees or students, or things
of that sort," she said. "That's his
motivation, from me knowing
him."
It remains unclear what will
happen with the case, but Watkins
told the Daily yesterday the Uni-
versity may want to settle the case
because of the attention it has been
receiving.
"It's a big case and I think
because of the national attention,
the fact that this investigation has
been going on since the summer,
they may want to settle," Watkins
said. "ButI have no idea because I
haven't spoken to anyone."
Davis said he will continue to
pursue the issue, but admitted the
University's legal resources may
put a strain on his ability to persist
in the case.
"We're going to treat this as a
full-fledged case and in the com-
ing days we'll see how committed
I am," Davis said.
The NCAA's investigation into
the Michigan football program
was launched on Oct. 23, when
NCAA Vice President for Enforce-
ment David Price sent a letter of
inquiry to Coleman.
In the letter Price said he
planned to complete the investiga-
tion by Dec. 31, 2009, but said the
date was not a formal deadline.
The allegations against the
Michigan football team were first
brought fourth in an August 2009
report published in the Detroit
Free Press. At the time, the Univer-
sitylaunched an internalinvestiga-
tion into the situation. University
officials have not released any new
information regarding the internal
investigation.
hhe wire~
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For Wednesday, Feb. 24, 2010
ARIES
(March 21 to April 19)
It's easy to feel generous and sympa-
thetic toward family members today,
especially parents and female relatives.
Family gatherings will be warm and
friendly.
TAURUS
(April 20 to May 20)
You're in an upbeat, optimistic frame
of mind. You feel good about your
future. You have that feeling that some-
thing better is around the corner. Glory
hallelujah!
GEMINI
(May 21 to June 20)
Trust your moneymaking ideas today.
You easily will find ways to impress
bosses, parents and VIPs, and in turn,
this could lead to an increase in your
earnings. Ka-ching!
CANCER
(June 21 toJuly 22)
The Moon is in your sign today, mak-
ing a lovely aspect to fair Venus and
moneybags Jupiter. This is a positive,
winning day for you! Go for it!
LEO
(July 23 to Aug. 22)
You feel quietly content with the
world today. You're pleased with how
life is unfolding. In particular, relations
with partners and close friends are
rewarding and heartwarming.
VIRGO
(Aug. 23 to Sept. 22)
A female acquaintance might help you
at work today. Again, someone you
know (probably a female) can help you
with health issues today. Listen to the
advice of others.
LIBRA
(Sept. 23 to Oct. 22)
Parents, bosses, teachers and VIPs
notice you today. For some reason, you
catch the eye of everyone. In fact, prob-
ably, aspects of your private life are sud-
denly made public. Yikes! (You won't
mind.)
SCORPIO
(Oct. 23 toNov. 21)
Do something different today. Go
someplace you've never been before.
You will meet someone you truly like
(perhaps love?) from another cultureror a
different country.
SAGITTARIUS
(Nov. 22 to Dec. 21)
Gifts, goodies and favors from others
can come your way today. You definitely
will benefit from the resources of others
or the wealth of your partner.
CAPRICORN
(Dec. 22to Jan. 19)
This is a wonderful day to schmooze
with others, especially partners and close
friends. Even dealings with the general
public are positive and optimistic!
AQUARIUS
(Jan. 20 to Feb. 18)
Everything having to do with your job
will run quite smoothly today. You can
expand things for some reason. Expect a
raise, praise or good times with co-work-
ers. Yay!
PISCES
(Feb. 19 to March 20)
What a wonderful, creative day! You
are in touch with your muse. Sports,
vacations, playful activities with chil-
dren, as well as romance and love
affairs, are rewarding. Enjoy your day!
YOU BORN TODAY You have a gen-
erous heart. You're willing to give your
time, your energy and even your wealth
to others. Your challenge is to learn how
to satisfy your desire to help others with-
out compromising yourself. You're
broad-minded and tolerant. Your year
ahead will focus primarily on partner-
ships and close friendships. This will be
an unusually fortunate year for you. Yay!
Birthdate of: Helen Shaver, actress;
Paula Zahn, journalist; Alain Prost, race-
car driver.
2010 King Features Syndicate, Inc.