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U.S. Consumer Bureau Seeks Comment on College Finance Products

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Jan. 31 (Bloomberg) -- The U.S. Consumer Financial Protection Bureau is seeking input on the impact of financial products marketed to students through colleges and universities, the agency said in an e-mailed statement today.

“We have seen many colleges establish relationships with financial institutions to offer banking services to their students,” Richard Cordray, the bureau’s director, said in the statement. “The bureau wants to find out whether students using college-endorsed banking products are getting a good deal.”

A 2009 law on credit cards restricted some kinds of marketing practices on college campuses, according to CFPB. The bureau is seeking information in particular on other kinds of products, such as student identification cards that can be used as debit cards, cards that tap scholarships and student loans, and bank accounts affiliated with a particular school, according to the statement.

The agency is seeking public comments through March 18 about student experiences with the products, fees charged, how the deals are set up, information shared with financial companies when they work with a school and how the products are marketed to students.

To contact the reporter on this story: Carter Dougherty in Washington at cdougherty6@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

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