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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

Agenda

Faculty

John ReVeal

John ReVeal

K&L Gates LLP

  • Financial Institutions Group’s lead regulatory and compliance lawyer in Bryan Cave’s Washington, D.C. office, where he leads the firm’s Retail Banking Team and Payments Team
  • Advises banks and other financial services providers on consumer compliance, including issues arising under the following federal laws (and state law equivalents, where applicable): Truth in Lending Act, Equal Credit Opportunity Act, Real Estate Settlement Procedures Act, Electronic Fund Transfers Act, Truth in Savings Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Federal Trade Commission Act Section 5 (Unfair or Deceptive Acts or Practices) and the CFPB Unfair, Deceptive or Abusive Acts or Practices law, Gramm-Leach-Bliley Act Title V (consumer privacy), and the Automated Clearing House rules and guidelines
  • Also assists financial institutions in the review and development of Bank Secrecy Act and Anti-Money Laundering programs, and provides BSA/AML training to directors, officers and other employees of banks and other financial institutions
  • Advises financial institutions regarding bank and thrift powers, federal preemption, exportation of rates and charges, and financial institution licensing

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