On Thursday, July 31, 2014, the Senate Committee on Banking, Housing, and Urban Affairs will conduct a hearing on “Financial Products for Students: Issues and Challenges.”
The witnesses scheduled to appear are:
- David A. Bergeron, Vice President for Postsecondary Education Policy, Center for American Progress
- Christine Lindstrom, Higher Education Program Director, U.S. Public Interest Research Group
- Kenneth Kocer, President, South Dakota Association of Student Financial Aid Administrators and Director of Financial Assistance, Mount Marty College
- Richard Hunt, President and CEO, Consumer Bankers Association
We find it surprising that the witness list does not include any representatives from either the CFPB or the Department of Education. The CFPB has been calling on financial institutions to publicly disclose their campus financial product marketing agreements with colleges and universities. The ED is expected to soon be issuing proposed revisions to its Title IV cash management rules that many observers believe will contain new restrictions on products that banks sell to college students, even if the product is not specifically designed to distribute financial aid.