The CFPB’s proposed account template — which comes in the form of voluntary documentation that colleges can seek from financial institutions they partner with — would impose no fees for basic services except a monthly maintenance fee and would permit neither overdraft fees nor non-sufficient funds fees. Abernathy explained”
Moreover, prescriptive regulation can curb innovation. Student account holders may have to wait while friends not in college get access to features made possible by new technologies.
Read the op-ed.