News & Analysis as of

Department of Education proposal on campus financial products expected in July

We recently commented that financial institutions offering financial products to college students, including debit or prepaid cards, under agreements with colleges should be planning now for the possible advent of new...more

Congress Members Urge Department of Education to Amend Rules Governing Banking Practices on College Campuses

In a continued effort by federal and state legislators to curb alleged abuse by financial institutions on college campuses, several members of Congress sent a letter to the Department of Education expressing their support for...more

Democratic Lawmakers Urge Education Department To Alter School-Sponsored Debit Card Rules

On April 22, Senator Elizabeth Warren (D-MA), Congressman George Miller (D-CA) and 22 other lawmakers sent a letter to Department of Education (DOE) Secretary Arne Duncan, supporting the DOE’s ongoing efforts to revise its...more

Elizabeth Warren and other congressional members urge rulemaking by the Department of Education re: regulating college/bank...

On April 22nd, Senator Warren, nine other Senators, and 14 members of Congress sent a letter (the “Letter”) to Secretary of Education Duncan urging that the Department of Education (DOE) exercise its rulemaking authority to...more

College Debit Cards

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,...more

Scrutiny of campus financial products grows

The U.S. Government Accountability Office (GAO) has joined the CFPB’s call for more transparency in the area of campus financial products. Last week, the GAO issued a report on college debit cards in which the GAO recommended...more

Congressional Democrats Seek Information On Student Debit Cards; CFPB Plans “Banking On Campus” Event

On September 26, several Democratic Members of Congress, including Assistant Senate Majority Leader Dick Durbin (D-IL), House Financial Services Ranking Member Maxine Waters (D-CA), House Education Committee Ranking Member...more

Is the CFPB now the BMOC?

Last week, the CFPB muscled its way on campus, announcing that it will be looking at the impact of financial products marketed to students through their colleges and universities....more

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