CBA Response to CFPB RFI on Campus Financial Products

Dear Ms. Jackson:
The Consumer Bankers Association (CBA)1 and the American Bankers Association (ABA)2 (collectively “the Associations”) submit this letter in response to the Consumer Financial Protection Bureau’s (Bureau) Request for Information Regarding Financial Products Marketed to Students Enrolled in Institutions of Higher Education (RFI). The Associations appreciate the opportunity to share our comments and to work with the Bureau on this issue.
Pursuant to the RFI, the Bureau seeks information to develop a clearer picture of the financial products and services being offered to college students, as well as consumers’ experiences using those products and services. The Bureau also seeks information about “how current and future partnerships between institutions of higher education and financial institutions could be structured to promote positive financial decision-making among young consumers” and indicates it wants to “see if students are getting a good deal. . .” The Associations share the Bureau’s goal in promoting consumers’ understanding and management of financial products while ensuring that they have meaningful choices – whatever their age or stage in their financial life cycle.
The Associations believe students should have choices in financial products and services and understand those products and services before making a selection, and we support the

To read the full Comment Letter, download the PDF.