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New Federal Rules Target Student Bank Accounts - Top 10 Compliance Issues

 
Make sure you are up to date and in compliance with the new rules governing student bank accounts.Department of Education regulations governing deposit, prepaid and other financial accounts offered to students of higher education institutions took effect on July 1, 2016. The Consumer Financial Protection Bureau has also taken an interest in these requirements and has published a Safe Student Account Toolkit to assist institutions in addressing these rules and otherwise minimizing the risks of CFPB scrutiny. Educational institutions, their third-party servicers, and financial institutions providing the student accounts will all be impacted. In this topic we will explain the rules in detail, with particular focus on the unique operational and compliance issues institutions and their student account partners are likely to face.

Faculty

John ReVeal

John ReVeal

K&L Gates LLP