WASHINGTON Jan 31 The U.S. consumer bureau said
on Thursday it wants information on college and
university-affiliated banking products as it seeks to better
understand the types of financial services that are marketed to
The Consumer Financial Protection Bureau (CFPB) said it is
interested in what information schools give financial firms as
part of agreements to offer identification cards that double as
debit cards. These cards are also used to access loans and
scholarship funds, and school-sponsored bank accounts.
The bureau wants to know more about students' experiences
with such services, how products are marketed and what fees are
"The bureau wants to find out whether students using
college-endorsed banking products are getting a good deal,"
Director Richard Cordray said in a statement.
Congress created the consumer bureau as part of the 2010
Dodd-Frank oversight law to help protect Americans from
financial scams. The CFPB enforces a 2009 law that cracked down
on the way firms market products on college campuses and made
agreements between credit card companies and schools public.
But regulators do not know as much about other products that
are sold to students, the bureau said on Thursday. The CFPB,
which has taken an interest in students' financial situations,
said it wants to gain a clearer picture of the market.
It released a report earlier this year with the U.S.
Department of Education on the safety of the student loan
market. After another regulator fined two firms for overcharging
students for debit card accounts, the bureau released an
advisory for college students on potential pitfalls of financial
The bureau also could potentially use the information it
receives to inform other actions, such as industry guidance or
new rules, if it finds widespread problems.
Students, families, colleges and financial firms have until
March 18 to submit comments on those products.