The administration continues to allow financial institutions to profit off of students.
The Trump administration hid a report on fees for debit cards and other financial products marketed on university campuses that revealed Wells Fargo charged fees several times higher than its competitors.
News of the report, which was produced by the office once led by Seth Frotman, the Consumer Financial Protection Bureau’s (CFPB) former student loan watchdog who resigned in August in protest of Trump’s policies, was first reported by Politico on Tuesday, after the outlet filed a Freedom of Information Act request.
Advocates for campus financial product oversight said the report reinforced concerns about the administration’s lack of interest in upholding regulations of campus accounts that appear to be working. They also argued that the report signals the administration’s willingness to do further damage to oversight of campus financial products and student aid, consistent with its current agenda of emphasizing student responsibility, while allowing private institutions to profit off of students without accountability.
View the complete December 12 article by Casey Quinlan on the ThinkProgress.org website here.