Consumer Bureau Seeks Input on Bank Products for Students

Reuters 
January 31, 2013
Stephenson, Emily

The The Consumer Financial Protection Bureau (CFPB) is soliciting information on college and university-affiliated banking products as part of its effort to better understand the types of financial services that are marketed to the student body. The regulator is interested in what information schools pass along to financial firms as part of agreements to offer student identification cards that double as debit cards. The cards also are used to access loans and scholarship funds as well as school-sponsored bank accounts. The CFPB also wants to know more about students' experiences with such services, how products are marketed, and what fees are associated. Students and their families, colleges, and financial institutions can submit their comments to the bureau until March 18.
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