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CFPB Announces Further Investigation of Campus Debit Card and Student Loan Disbursement Practices, Asks for Student Stories
Statement of U.S. PIRG Higher Education Program Director Christine Lindstrom:
“Banks and other financial firms contracted to disburse federal financial aid often charge high and unfair debit card fees. U.S. PIRG applauds the CFPB for redoubling its efforts today to protect students from being nickel-and-dimed out of their financial aid money.
“U.S. PIRG’s recent report, ‘The Campus Debit Card Trap,’ found that many campus debit cards, including cards used to disburse federal financial aid, are loaded with unfair fees. Some fee practices may even violate federal guidelines. When banks and financial firms are allowed to manage billions of dollars in financial aid, we need to ensure that they demonstrate greater transparency and implement best practices—like allowing students to have an unbiased choice of where to bank and unrestricted access to their funds— so both students and taxpayers are protected.
“The CFPB has asked for stories to inform their efforts; U.S. PIRG will be working to make sure they listen to the voices of students and the public interest.”
U.S. PIRG, the federation of state Public Interest Research Groups, is a consumer group that stands up to powerful interests whenever they threaten our health and safety, our financial security, or our right to fully participate in our democratic society. www.uspirg.org
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