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Distance Learning
Distance Learning

Episode 1: Cash Management and Student First Banking

Anne Gross and Joan Piscitello on Cash Management and Student-First Banking

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The Department of Education has defined new rules around cash management at colleges and universities, some developed as a result of concerns around agreements that a number of schools have with institutions that provide accounts to students and how they relate to disbursement of federal financial aid. Today on NACUBO In Brief, Anne Gross, vice president of regulatory affairs, NACUBO and Joan Piscitello, treasurer at Iowa State University share their insights and experiences in working with financial institutions and the development of new rules that impact them.

                                                   Joan Piscitello
Anne C. Gross
Vice President, Regulatory Affairs, NACUBO

Joan Piscitello
Treasurer, Iowa State University

Additional Resources

  • Webcast (recorded on November 18): On-Demand coming soon
  • Webcast (recorded on June 11, 2015): Decoding ED's Cash Management Proposal
  • Article (published on November 16, 2015): Some Cash Management Rules Apply to All Institutions
  • Flowchart: to assist in determining which type of arrangements schools have with banks and third-party servicers.
  • Matrix: NACUBO has prepared a matrix to illustrate which provisions apply to institutions with T1 arrangements and which apply to institutions within the two thresholds for T2 arrangements. It should be noted that the matrix only includes T1 and T2 provisions, and the other cash management rules outside that discussion will still apply.
  • Summary of provisions for schools with Tier One arrangements (school uses a third-party servicer to process credit balance refunds; the servicer also offers a financial account), Tier Two arrangements (school has an agreement with a bank/financial institution where accounts are offered and directly marketed to students), and Tier Two, Lower Threshold arrangements.