Lawmakers Ask CFPB to Examine Student Debit Cards

more+
less-

On June 7, Senator Richard Durbin (D-IL) and Representative George Miller (D-CA) sent letters to the CFPB and the Department of Education requesting that those agencies examine the practices associated with bank-affiliated student debit cards. The letters cite a recent U.S. PIRG report that identified “troubling practices” with these products, including alleged use of improper fees and misleading marketing. The lawmakers pose a series of questions to define the scope of the examination, including, for example (i) whether campus-based debit cards provide adequate consumer protections, (ii) whether the fees and penalties associated wit such cards violate federal law, and (iii) whether the contractual agreements between schools and financial institutions violate student privacy rights.

 


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© BuckleySandler LLP | Attorney Advertising

Written by:

more+
less-

BuckleySandler LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×