Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CFPB advisory sparked by bank UDAP fine
WASHINGTON (8/13/11)--Students who receive loan money transferred to debit cards should be aware of certain rights and options they have, according to an advisory issued by the Consumer Financial Protection Bureau.

Among its key points, the advisory:

  • Notes that students cannot be required to use a specific bank or card and all federal loans must come with a paper check or cash option;
  • Recommends that a student choose a financial institution before arriving at school; and
  • Recommends a student sign up for direct deposit if offered.
The advisory was issued on Friday, two days after the Federal Deposit Insurance Corp.'s announcement that Higher One Holdings Inc. agreed to return about $11 million to college students for overcharging them for fees on its debit cards.

The bank is also paying a $110,000 civil fine and Bancorp Bank, which issued the OneAccount debit card administered by Higher One, is paying a $172,000 fine.

To see the advisory, use the resource link.
Other Resources

RSS





print
News Now LiveWire
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
14 hours ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
15 hours ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
16 hours ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
16 hours ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
17 hours ago