Top
image credit: Adobe Stock

Education Department to Scrutinize College Banking Agreements

The U.S. Department of Education is stepping up its enforcement of college-sponsored banking arrangements.

In conjunction with a new report from the Consumer Financial Protection Bureau, the department released a Dear Colleague letter Thursday reminding institutions about their role in overseeing agreements with financial institutions and detailing the steps the department will take.

“We are aware of certain practices that may pose risks or excessive costs to students,” the letter says. “Institutions have a responsibility to protect their students when it comes to financial products.”

Read More on Inside Higher Ed