WASHINGTON — Financial products offered to students on their college campuses are often less competitive compared to what's available to the general public, according to a Consumer Financial Protection Bureau analysis of financial products marketed on college campuses.
"Trust in higher education can be undermined when schools are not careful about whom they partner with to provide their students with financial products and services," CFPB Director Richard Cordray said Monday at a Banking on Campus Forum in Washington, D.C.
"We are distressed to hear that some students feel pressured to use specific products and may be unaware that when they sign up for those products their schools are secretly making money," Cordray said.
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