By Kelly Field
The Chronicle of Higher Education
Originally published October 1, 2013
Congress and federal regulators should crack down on financial arrangements between colleges and banks, students and consumer advocates said on Monday at a forum arranged by the Consumer Financial Protection Bureau.
In both live and videotaped testimony, students described how their colleges had steered them toward banks and other companies that offered the colleges revenue sharing, staff support, or other perks. Some said they had felt "pressured" or "obligated" to sign up for high-fee debit cards or checking accounts; others said they had simply trusted their institutions to recommend the best products available.
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