CFPB Identifies Problematic Terms in Bank / University Affinity Arrangements. The CFPB has focused on affinity (joint marketing) arrangements between universities and banks selling deposit products over the last several months. See here. In a blog post yesterday, Rohit Chopra, Assistant Director & Student Loan Ombudsman at the CFPB, stated that failing to disclose these agreements was a “risky practice” and identified the following terms of university / bank agreements as prevalent and problematic: Direct payments to universities for use of their logos. Paying bonuses based on the number of students that purchase products. Providing discounted or free services. See CFPB.
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