Fed, FDIC Order Higher One to Repay 1.5 Million Students

  • Company faces penalties from Fed and FDIC for practices
  • Fed: No tolerance for deceptive marketing to students on loans

The Federal Reserve and Federal Deposit Insurance Corp. fined financial services provider Higher One Inc. for misleading almost 1.5 million students into paying unnecessary fees to access their financial aid, marking the latest official effort to crack down on unfair practices on America’s college campuses.

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