NACUBO Submits Comments to CFPB on Financial Products Marketed to Students
March 21, 2013
NACUBO has filed comments with the Consumer Financial Protection Bureau (CFPB) as a result of the agency's request for information (RFI) on financial products marketed to students, including bank accounts and debit cards. The RFI, announced in February, also sought information on financial services and products offered by third parties in connection with credit balance disbursement, as well as affinity programs.
Emphasizing that colleges and universities strive to enhance student services and meet the needs of students while keeping administrative expenses low, NACUBO provided the CFPB with information on closed-loop debit cards, credit balance disbursements, student affinity checking accounts, and affinity credit cards.
In response to the CFPB's questions regarding best practices and model terms for institutions entering into or renegotiating agreements with financial institutions, NACUBO shared its debit card best practices, which were developed using data from a July 2012 survey and input from the Student Financial Services council. This document, sent to members last December, was used throughout the comment letter to support NACUBO's responses to the RFI's questions.
Senior Policy Analyst
- Tuition Discount Rates Reach New Record Level in 2015-16
- ED Offers Supplemental Cash Management Guidance
- Federal Agencies Release Guidance on Civil Rights Protections for Transgender Students
- 2016 CAO and CBO Collaborations
August 1-2, 2016
- 2016 Planning and Budgeting Forum
September 19-20, 2016
- 2016 Managerial Analysis and Decision Support
November 17-18, 2016
- WEBCAST: The Clery Act: Strategic Planning to Mitigate Institutional Risk
Thursday, May 26, 2016 1:00PM ET
- ON-DEMAND: Title IX: Key Issues Surrounding Institutional Compliance
- ON-DEMAND: Containing Cost and Risk with Renewables – the Power Purchase Agreement Story
- ON-DEMAND: NACUBO Live! Higher Education Accounting Forum
- ON-DEMAND: Are Hedge Funds and Private Equity Right for You? An Analysis of Alternative Investments
- ON-DEMAND: Responsibility Center Management: Two Different Perspectives