CFPB Says College Financial Products Need More Sunshine

Law360, New York (December 18, 2013, 4:42 PM EST) -- The Consumer Financial Protection Bureau said Tuesday it has asked financial institutions to publicly disclose agreements with colleges and universities to market debit, prepaid and other products to students.

Currently, those institutions only make such disclosures about college credit cards, but other products now outnumber credit cards, the CFPB said. Rohit Chopra, the bureau’s student loan ombudsman, said in a blog post that companies may be making secret payments to colleges and universities to market their products, and that students may not understand why an institution’s...
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