4 CUs Criticized by CFPB for Lack of Transparency with Their University Partnerships
There is no regulatory requirement that states that financial institutions make public the agreements they may have with universities to market their products to students. However, the CFPB feels that students should be aware if a financial institution is paying their university for access to the student body and in January 2013 urged financial institutions to voluntarily post these types of agreements online. Now the CFPB is publicly criticizing six banks and four credit unions that have marketing agreements with large universities for not taking this voluntary step. [8/8/14]
