The CFPB has issued a request for information (RFI) in which it seeks comments on a draft “Safe Student Account Scorecard” to be used by colleges and universities to obtain information from prospective financial institution partners offering financial products to students. The scorecard is intended to be used by schools to obtain information on product features and fees when selecting a partner, such as in a request for proposal seeking a marketing partnership. … Continue Reading
campus financial products
Senator Crapo raises concerns with Department of Education campus financial product rulemaking
By John L. Culhane, Jr. on
Republican Senator Mike Crapo, Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter last week to Department of Education (ED) Secretary Arne Duncan to raise several concerns with the ED’s Title IV rulemaking efforts. Earlier this year, the ED engaged in negotiated rulemaking, with the CFPB among the those participating in support of the rulemaking. … Continue Reading
CFPB calls out banks for not publicly disclosing campus financial product marketing agreements
By John L. Culhane, Jr. on
According to a new blog post about “secret banking contracts” by Rohit Chopra, the CFPB’s Student Loan Ombudsman, the CFPB is sending letters to colleges and universities “to make sure they know that their bank partner has not yet committed to transparency when it comes to student financial products” because it has not yet posted its marketing agreement with the school on its website. … Continue Reading
Senate to hold July 31 hearing on campus financial products
By John L. Culhane, Jr. on
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.