In addition to a flurry of news reports, the U.S. Public Interest Research Group Education Fund’s report on the use of debit cards to disburse federal financial aid to college students has also triggered a letter to the CFPB and the U.S. Department of Education by two Democrat lawmakers. Issued last month, the report found that nearly 900 colleges and universities have agreements with financial institutions under which debit cards are issued to students to access any balance of their financial aid remaining after amounts for tuition and fees have been deducted. … Continue Reading
Debit Cards
In calling for increased regulation of reloadable prepaid cards, consumer groups should be careful what they wish for …
By Ballard CFS Group on
By Jeremy T. Rosenblum and Stefanie H. Jackman
Recently, the Consumers Union, Center for Public Policy Priorities, Center for Responsible Lending, Coalition of Religious Communities, National Consumer Law Center, SC Appleseed Legal Justice Center and U.S. PIRG called on the CFPB to extend various protections afforded to debit cards under the Electronic Fund Transfer Act and Regulation E to reloadable prepaid cards.… Continue Reading