Democratic leaders in the House and Senate recently sent a letter to eight of the nation’s largest banks, requesting information about the bank’s involvement with on-campus banking services. The letter expressed concern over financial arrangements between colleges and banks that ultimately take advantage of college students through “unnecessary or exorbitant fees.”

Specifically, the letter requested the following information: the names of colleges with which each bank has account enrollment or co-branding agreements; the number of such accounts opened and the sum of fees collected from those accounts for the past three years; the value of any consideration for making these agreements; and whether any bank representative had given gifts over $10 to a college official as part of a marketing strategy.  The letter was  signed by Representatives George Miller (D–Calif.)Senator Dick Durbin (D–Ill.), Maxine Waters (D–Calif.), Louise M. Slaughter (D-N.Y.), and Peter Welch (D–Vt.), and Senators Sherrod Brown (D–Ohio) and Elizabeth Warren (D–Mass.).

A copy of the letter from Congress may be viewed here. Director Cordray’s remarks may be found here.