CFPB seeks disclosure of on-campus agreements
Dec. 18, 2013 – CFPB on Tuesday called on financial institutions to voluntarily disclose on their websites any arrangements they have with colleges and universities to promote their products.
Rohit Chopra, CFPB’s assistant director and student loan ombudsman, authored a blog post that warns of the “potentially risky practice of making secret payments to colleges and universities to market deposit accounts, prepaid cards, debit cards and other financial products to students.”
Chopra also wrote about CFPB’s latest report on college credit card agreements. Card issuers submit this information under the 2009 Credit Card Accountability, Responsibility and Disclosure Act. The report details what types of card agreements are offered on campus, which institutions are offering them and the growth or decline of the number of accounts over the past year.
The list for 2012 includes 23 institutions, including 11 credit unions.
CFPB blog post