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Category Archives: Campus Financial Products

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CFPB releases report on college credit card agreements and compliance bulletin

Posted in Campus Financial Products

The CFPB released its annual report on college credit card agreements (the fifth issued by the CFPB), together with a compliance bulletin regarding the obligation of colleges and universities under the CARD Act to publicly disclose their credit card marketing agreements. Like the CFPB’s 2014 and 2015 annual reports, the new report consolidates the CFPB’s mandatory reporting under the… More >

CFPB releases report on college credit card agreements, student account toolkit and warning letters

Posted in Campus Financial Products

Earlier this week, the CFPB released  its sixth annual report on college credit card agreements, together with a new toolkit for schools to use when considering potential co-sponsorships of financial accounts, such as prepaid or checking accounts.  The CFPB also announced that it sent warning letters to 17 schools regarding their compliance with the CARD… More >

U.S. Dept. of Education proposes new restrictions on campus financial products

Posted in Campus Financial Products

The U.S. Department of Education has issued proposed revisions to its Title IV Higher Education Act (HEA) cash management rules that include significant new restrictions on financial products used to disburse credit balance funds to students.  Credit balances result when the amount of Title IV HEA program funds credited to a student’s account exceeds the… More >

Cordray remarks signal continued CFPB attention to student loan servicing and campus financial products

Posted in Campus Financial Products, Student Loans

Student loan servicers and providers of campus financial product were the focus of remarks given yesterday by Director Cordray at the Ohio College Presidents’ Conference. Director Cordray stated that the CFPB estimates that eight million Americans “are now in default on a student loan – and strengthening student loan servicing is essential to getting this… More >

CFPB proposes scorecard for colleges seeking to partner with financial institutions

Posted in Campus Financial Products

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… More >

CFPB report highlights inadequate disclosure of campus financial products

Posted in Campus Financial Products

In its fifth annual report on college credit card agreements, the CFPB takes financial institutions as well as colleges and universities to task for failing to adequately disclose their marketing agreements for campus financial products.  The annual report is required by the CARD Act. The CARD Act requires institutions of higher education to disclose publicly… More >

Senator Crapo raises concerns with Department of Education campus financial product rulemaking

Posted in Campus Financial Products

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… More >

CFPB calls out banks for not publicly disclosing campus financial product marketing agreements

Posted in Campus Financial Products

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… More >

Senate to hold July 31 hearing on campus financial products

Posted in Campus Financial Products

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… More >

Department of Education proposal on campus financial products expected in July

Posted in Campus Financial Products

We recently commented that financial institutions offering financial products to college students, including debit or prepaid cards, under agreements with colleges should be planning now for the possible advent of new restrictions from the Department of Education (ED) on their practices and agreement terms, including the distinct possibility of public disclosure of the agreements themselves. … More >