With great fanfare in January 2013, the Consumer Financial Protection Bureau launched an inquiry into the arrangements between various colleges and universities and bank and non-bank providers of consumer financial products and services. The CFPB’s stated goal was to determine whether or not those arrangements serve the best interests of students and their families. In September 2013, the CFPB announced its conclusion: They do not. It criticized the risks such arrangements pose to consumers, and seemingly threatened further supervisory and regulatory action.

Since then, the CFPB has actively participated in a Negotiated Rulemaking Proceeding, initiated by the U.S. Department of Education, seeking to address these same arrangements when they involve the disbursement of federal student aid. In addition, numerous members of Congress, including Senator Elizabeth Warren, recently chimed in as well. They have urged the Department, and by implication, the CFPB, to strictly regulate agreements between colleges and the providers of debit cards, prepaid cards, and other products. With campus banking products back in the news, join us for a webinar focusing on the CFPB’s concerns and the likely regulatory and supervisory actions that will ensue.

topics

  • Campus Banking Products and the Role of the School as Seen by the CFPB 
  • Affinity Cards and the CFPB’s Report on College Credit Card Agreements
  • Campus Checking Accounts and the CFPB’s Banking on Campus Forum
  • School Debit Cards and Prepaid Cards and the CFPB’s Call for Transparency
  • The Status of the Department of Education’s Negotiated Rulemaking Proceeding 
  • The Likelihood of CFPB Action in the Wake of CFPB v. ITT and Other Initiatives    

Program

12:00 PM - 1:00 PM ET | Webinar

Moderator

Alan S. Kaplinsky, Practice Leader
Consumer Financial Services Group

Presenters

John L. Culhane, Jr.
Consumer Financial Services Group

Mark J. Furletti
Consumer Financial Services Group

Glen P. Trudel
Consumer Financial Services Group

This program is open to Ballard Spahr clients and members of the financial services industry. There is no cost to attend. This program is not eligible for continuing education credits.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact Lisa M. Prickril at prickrill@ballardspahr.com.

Program Contact

Lisa M. Prickril
215.864.8252
prickrill@ballardspahr.com