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15 Groups Comment on the CFPB’s Request for Information on Safe Student Account Scorecard

April 20, 2015
Student Loans
Comment Letter

Fifteen consumer, student, civil rights, and legal aid groups co-signed a letter to Consumer Financial Protection Bureau Director Richard Cordray in response to the agency's Request for Information about the Student Safe Account Scorecard.

The organizations supported the Scorecard and stated:

  • Colleges and universities must begin to put the best interest of students first when negotiation with banks and prepaid card issuers
  • The Student Safe Account Scorecard is a voluntary tool for schools to use in their bidding process with financial institutions
  • The Scorecard would help schools select safe accounts
  • Overdraft fees should not be permitted on college-bank partnership debit cards
  • Schools and students must still be wary of revenue-sharing agreements