The Consumer Financial Protection Bureau published a report raising questions about whether some marketing deals between colleges and financial institutions comply with Department of Education rules.
CFPB finds high fees on college-endorsed banking products
October 14, 2022 / By ICBA
The Consumer Financial Protection Bureau published a report raising questions about whether some marketing deals between colleges and financial institutions comply with Department of Education rules.
The Consumer Financial Protection Bureau published a report raising questions about whether some marketing deals between colleges and financial institutions comply with Department of Education rules.
Product Concerns: The CFPB said financial services providers and their partner schools appear to offer and promote more costly products to students than are otherwise available in the market. It also said many students are directed to lists of account options that do not appear to meet Department of Education requirements.
School Guidance: Alongside the report, the Department of Education issued guidance to schools on requirements for college-sponsored banking arrangements and committed to additional oversight.
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