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DOE to limit campus bank accounts
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Banking, Consumer Protection, Legislation
Tuesday, November 3, 2015
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The Department of Education announced that it has finalized two “regulatory packages that will protect students in the rapidly expanding college debit and prepaid card marketplace and add a new income-based repayment plan so more borrowers can limit the amount of their payments to 10 percent of their income.” The rules will restrict fees institutions can charge under certain accounts, including a prohibition on overdraft charges. Read on to see how they will affect lenders in the market.
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