A proposed “Safe Student Account Scorecard” introduced by the Consumer Financial Protection Bureau (CFPB) isn’t designed to grade students, but to protect them and their colleges or universities, according to a CFPB press release. The scorecard “would help colleges to avoid partnering with financial institutions that offer checking and prepaid accounts with tricks and traps.” CFPB Director Richard Cordray noted in his prepared remarks that cuts in public funding for higher education have led some schools to find new sources of revenue by partnering with financial institutions. Schools promote the institution’s credit, debit, or prepaid cards “in exchange for some of the revenue generated from those accounts.” The scorecard “would help colleges access upfront information about fees, features, and sales tactics before agreeing to a sponsorship,” the press release stated. Specifically, the scorecard asks financial institutions to provide clear descriptions of their products fees and features, full disclosure about their marketing practices, how much they earn from the accounts, and an annual summary of fees. This information will help “level the playing field for financial institutions that offer safe and affordable products, regardless of marketing budgets.” For more, read the full release and Cordray’s prepared remarks.