Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Monday, September 14, 2015

Hensarling Challenges Campus Banking Proposal

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) wrote to the Department of Education challenging its proposed rule that includes some provisions regulating campus bank accounts.
I am concerned that the department’s proposal will impose significant regulatory requirements on financial accounts offered through partnerships between financial institutions and educational institutions. Prudential bank regulators … already enforce a well-established banking regulatory structure… The addition of the proposed department regulations will thus lead to inconsistent and duplicative compliance regimes for financial institutions.
Hensarling asked DoE to withdraw the proposal and -- before issuing another proposal or finalizing a rule -- consult with banking regulators and study the proposal’s impact on student access to financial services.

ABA has argued that the proposal exceeds DoE’s statutory authority and would hinder student access to affordable financial products and services.

Read Hensarling’s letter.

No comments:

Post a Comment

Please read our comment policy before making a comment.