April 20, 2015
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