WASHINGTON The Consumer Financial Protection Bureau is considering releasing a tool that would show schools exactly how much financial institutions will charge borrowers for providing certain account services on campus.
The agency put out a request for information Wednesday seeking input from the public on whether it should launch a so-called "safe student account scorecard" so colleges could see upfront how banks structure the fees, features and "sales tactics" of financial products directed at students. The CFPB said such a tool would help schools avoid partnerships with banks that set "tricks and traps" on campus financial products.
"An important issue for young people is how best to manage their money while they are still in school," said CFPB Director Richard Cordray, in a press release. "Because of the influence schools may have on the financial products students choose, we are working to arm them with the information they need to negotiate safe and affordable products for students."
The agency is accepting comments on the scorecard until March 16.