Newsroom

January 28, 2015

CFPB seeks 'Student Account Scorecard' input

CFPB is seeking feedback from students, parents, higher education and financial institutions on a draft program called the "Safe Student Account Scorecard," which would guide universities in the area of financial accounts for students.

The deadline for comments is March 9.

CFPB said the program stems from its 2013 investigation into financial products marketed to students and its calls for transparency in that arena since.

"The scorecard, once finalized, can help committees evaluating contract proposals to determine whether product offerings have safe features and offer superior value to students, as well as whether financial institutions are able to adhere to certain guidelines for transparency and for marketing practices," CFPB wrote in its request in the Federal Register.

"The goal of the Safe Student Account Scorecard will be to provide responsible institutions of higher education with a standardized format to solicit critical cost and 9 feature information from prospective financial institution partners. Schools would be able to incorporate any or all aspects of the scorecard to meet their unique needs," it continued.

NAFCU continues to engage with the CFPB about bureau's attention to financial products offered to students. Members interested in commenting to the CFPB Safe Student Account Scorecard can reach out to NAFCU's Regulatory Affairs Counsel Celina Stewart at 202-842-2272 or cstewart@nafcu.org.

CFPB has made a sample draft version of the scorecard available on its website.