University of California President Janet Napolitano made the following statement today (Jan. 14) following the Consumer Financial Protection Bureau's release of the 'Safe Student Account Scorecard':
“The University of California applauds Director Cordray and the Consumer Financial Protection Bureau's effort to identify good financial practices and shine light on practices and services that financially harm students. UC supports transparency and is continuously monitoring its own vendors and financial partners to ensure they comply with UC's high standards and that our students' financial interests are protected. UC's efforts to keep public higher education affordable and student loan debt well below the national average should not be weakened by costly financial service arrangements. CFPB's 'Safe Student Account Scorecard' will guide schools in evaluating financial contracts they negotiate with banks or financial institutions. Higher education institutions should look to CFPB's new tool as part of their efforts to assess their institutions' financial services arrangements and the impact on their students. And financial service providers should look to CFPB for best practices that the higher education community and the public will expect of their offerings.”