MCUL & Affiliates submitted a comment letter to the CFPB in response to its request for information on Financial Products Marketed to Students Enrolled in Institutions of Higher Education. The CFPB requested the information to get a clearer picture of the financial products and services that are offered to college students, as well as information about how financial institutions can structure and promote positive financial decision-making among young consumers.
In its comment, MCUL stressed the unique relationship students have as member/owners of their credit unions and the significance of the financial literacy and education provided by credit unions to all members, but particularly focused on students. In 2012, Michigan credit unions operated 395 student-run credit union branches and presented 2,001 classroom presentations on financial literacy. MCUL highlighted the regulatory restrictions already present in the Truth in Lending Act to protect student borrowers and advocated for decreased regulatory burdens for credit unions.
Click here to read the information request.