CFPB Releases Safe Student Account Scorecard

Bureau aims to shield students from underhanded practices

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The Consumer Financial Protection Bureau announced that it is looking for consumers to weigh in on its Safe Student Account Scorecard. This new tool would serve to assist colleges with steering clear of working with financial institutions who offer banking services with sneaky financial traps.

This scorecard would help colleges gain vital information about fees, features, and sales tactics before accepting a sponsorship. The CFPB says this would engender a level-playing field.

“An important issue for young people is how best to manage their money while they are still in school,” said CFPB Director Richard Cordray. “Because of the influence schools may have on the financial products students choose, we are working to arm them with the information they need to negotiate safe and affordable products for students.”

The CFPB will give consumers until March 16 to provide their input. Go here for more about the Safe Student Account Scorecard.

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