Federal consumer protection officials want colleges to more thoroughly vet the agreements they make with financial institutions to provide banking products on campus. The Consumer Financial Protection Bureau said Tuesday that it will create voluntary guidelines for colleges as they negotiate deals with financial institutions. The goal, officials said, is for colleges to keep students' financial interest in mind as they negotiate the terms of the arrangements with the companies. Some of those deals between colleges and providers of debit cards, for instance, have come under scrutiny in recent years. Critics of the arrangements, including many consumer and student advocates, have said they are often clouded in secrecy and burden students with exorbitant fees as they try to access their financial aid on the cards. 

January 15, 2015 ・ From Inside Higher Ed