Two dozen Democratic members of Congress on Wednesday called on the Education Department to enact tighter regulations on campus debit cards. In a letter to Education Secretary Arne Duncan, the lawmakers urged the department to create rules that would prohibit any college-affiliated debit cards that students use to access federal student aid from charging fees. They also urged the department to enact a ban on revenue-sharing arrangements between debit card providers and colleges.
A negotiated rule making panel is meeting in Washington this week for the second of four scheduled sessions aimed at hammering out rules on campus debit cards, among other issues. If the panel does not come to unanimous agreement on the package of rules, the Education Department is free to proceed with new regulations on its own.
- Education Department is urged to tighten rules on campus debit cards
- Consumer bureau calls on financial institutions to disclose debit card agreements with colleges
- Education Department kicks off negotiations for rules on student aid
- CFPB opens wide-ranging inquiry into campus debit cards
- Education inspector general calls for tighter debit card regulations
- Federal and state regulators fine Higher One bank partner for misleading and deceptive practices
- Draft rules on campus debit cards would ban certain fees, restrict marketing
- Proposed U.S. rules on financial products draw criticism, praise
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