April 20, 2015
In this letter to Consumer Financial Protection Bureau Director Richard Cordray the Center for Responsible Lending and the National Consumer Law Center respond to the agency's Request for Information about the Student Safe Account Scorecard, which would guide colleges to select safe bank accounts if they enter into marketing partnerships with banks.
In the letter, the two organizations support the Scorecard as a way to help protect students, and call for:
- An end to college-bank partnerships that threaten students with unfair marketing practices and harmful fees
- The elimination of revenue-sharing agreements
- Prohibition on of overdraft fees on college-bank partnership accounts