College Debit Cards

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PLA today posts the GAO’s report, issued last month, analyzing the market for college debit cards and expressing concern about “students’ access to no-fee ATMs, schools’ influence over students’ banking and payment choices, potential conflicts of interest for schools, and the lack of transparency surrounding card agreements.” The CFPB’s public comment on the report echoes some of these concerns, and like the report references the 2012 FDIC settlement with Higher One, Inc. and The Bancorp Bank, which PLA also posts today.  We hope these posts are useful, and will follow up as events warrant.

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