WASHINGTON — Bankers and industry representatives are taking serious issue with a Consumer Financial Protection Bureau alert that calls into question the transparency of contracts between colleges and financial institutions that offer student products.

The CFPB's Aug. 6 blog post listed 14 Big Ten universities and whether their contracts with financial partners related to on-campus account offerings could be found online. The blog — written by CFPB Student Loan Ombudsman Rohit Chopra, who cautioned students about "secret banking contracts" — essentially criticized 10 of the partner banks for not making all or part of their agreements available.

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