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Wednesday, May 28, 2014

Democratic Bills Would Limit Campus Banking Services

Congressional Democrats introduced bills that would prohibit a variety of collegiate agreements with financial institutions, including revenue-sharing arrangements to provide on-campus financial services.

The bills — sponsored in the Senate by Tom Harkin (D-Iowa), Dick Durbin (D-Ill.) and Elizabeth Warren (D-Mass.) and in the House by George Miller (D-Calif.) and Financial Services Committee Ranking Member Maxine Waters (D-Calif.) — would ban agreements between colleges and financial institutions that involve revenue-sharing or other payments in exchange for preferential campus access. They would also require financial institutions to post details of their campus contracts online and submit these details to the CFPB. ABA EVP Ken Clayton warned:

These bills are troubling because they would limit financial choices for students and parents and raise costs for everybody. The continued attempts by some in Congress to vilify financial institutions and require free services will limit consumer choice, increase the costs to students and universities and stifle innovation that has helped modernize higher education financing.

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