The Consumer Financial Protection Bureau (CFPB) has requested that financial companies disclose any student finance deals they may have with colleges and universities in the U.S., the government agency announced in a December 17 blog post.
The mandate includes business dealings related to credit cards, prepaid cards and other forms of consumer financing.
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“Students and their families should know if their school, whether well-intentioned or not, is being compensated to encourage students to use a specific account or card product,” CFPB Director Richard Cordray said in a statement. “When financial institutions secretly give kickbacks to schools, they are engaging in risky practices.”
To learn more about the CFPB’s request, read the full blog post here.
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