Sen. Richard Durbin, D-Ill., and Rep. George Miller, D-Calif., asked the Consumer Financial Protection Bureau to more closely monitor the way some student financial aid programs disburse benefits to debit cards, American Banker reports.
“If managed and used appropriately, debit cards can be an effective way to disburse student aid. However, much to our concern, U.S. PIRG asserts that more than 9 million students across the country are at risk because these debit cards may come with high user fees, hidden transaction costs and insufficient consumer protections,” the letter to CFPB Director Richard Cordray and Education Dept. Inspector General Kathleen Tighe said.
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