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Thursday, August 14, 2014

Crapo Challenges Dep. Of Education Rulemaking

Senate Banking Committee Ranking Member Mike Crapo (R-ID) sent a letter to Secretary Arne Duncan of the Department of Education, criticizing DOE’s proposed rulemaking on student loan disbursement, which ABA has said goes beyond student aid to regulate deposit accounts offered to college students.

Crapo cited several concerns with the rulemaking and noted that “if not addressed, these concerns would result in a rule that creates a backdoor and burdensome regulation on traditional banking products, which ultimately may force financial institutions to exit campus markets leading to diminished student choice, restricted convenience and more unbanked young people.”

Read the letter.

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