To understand why the CFPB is proposing a Safe Student Account Scorecard to be used by colleges and universities, we need look no farther than their Mission Statement: “To make markets for consumer financial products and services work for Americans.”
The “old days” of back room, undisclosed or misunderstood product relationships are done, even if they were meant for truly altruistic purposes.
Today, and into the future, full disclosure of the deal around the data, documents and dollars to the consumer must become more transparent. The common thread of the CFPB actions is accountability through transparency and that those in charge of the relationship with the consumer will bear responsibility.
If you like our blogs, sign up for our newsletter to get monthly updates delivered to your inbox!