CFPB To Investigate College-Bank Marketing Relationships

Law360, Washington (January 31, 2013, 3:02 PM EST) -- The Consumer Financial Protection Bureau said Thursday that it would launch a probe into college-marketed financial products and examine the relationships between the universities and banks, citing concerns over whether students' best interests are being considered.

Although the Credit CARD Act of 2009 prohibits banks from using some marketing practices on higher education campuses, CFPB said it knows little about the banks' advertising methods for other products and asked students, their families, banking institutions and colleges for feedback in several areas of concern, including fees charged...
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