CFPB Issues Request For Information on Proposed "Safe Student Account Score Card"

CFPB Student Lending

On January 14, the CFPB issued a press release seeking public comments on its “Safe Student Account Scorecard.” The scorecard is a tool for colleges and universities to solicit information on the fees and features of financial products before selecting a financial institution partner. It would enable colleges and universities to evaluate the costs and benefits of financial products based on a variety of different factors including fees, product features, sales and marketing practices, and how much financial institutions earn for each account opened. The Bureau is interested in receiving comments from students, parents, colleges and universities, and financial institutions by March 16, 2015.