The cozy relationship between banks, credit card companies, and American universities is coming under scrutiny by the new Consumer Financial Protection Bureau.
Take the case of Ohio State. The Columbus Business First newspaper reports a 15-year deal between the university and Huntington Bank for more bank locations on-campus (like ATMs) will net Ohio State $25 million up front, with the bank kicking in an additional $100 million to revamp the neighborhoods in the University District.
The U.S. Public Interest Research Group says in many cases it's students who pay the price, though, with student IDs that are linked to bank accounts and student loan payments direct-deposited onto cards that charge them a fee to use.
Now, the Consumer Financial Protection Bureau has given notice that it's looking into these relationships and wants to hear from average Americans. If you'd like to let government investigators know what you've experienced, e-mail them between now and March 18 at: CFPB_StudentsFedReg@cfpb.gov.
Tuesday, August 26 2014 5:57 AM EDT2014-08-26 09:57:06 GMT
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