Lawmakers Urge CFPB to Examine Student Debit Card Abuses

Law360, Washington (June 8, 2012, 4:46 PM EDT) -- Lawmakers urged the U.S. Department of Education and the Consumer Financial Protection Bureau on Thursday to monitor the terms of bank-issued debit cards used to distribute federal aid to college students, saying they often resulted in unreasonable fees being levied against students already facing massive loan debt.

In a pair of letters sent by Sen. Dick Durbin, D-Ill., and Rep. George Miller, the senior Democrat on the U.S. House of Representatives Committee on Education and the Workforce, the lawmakers warned that unwieldy fees attached to the...
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