Another Sheriff in Town? DoE’s Rule Makes it a De Facto Bank Regulator
The ABA blasts the Department of Education's final cash management rule as making student access to bank products and services worse, more expensive, and less convenient. Moreover, the rule imposes a burdensome layer of regulation that makes the DoE "a de facto bank regulator." The CBA is not happy about this, either, saying "it is hard to believe Congress ever intended the Department of Education to wield authority over banks." Here's what the DoE did. [10/28/15]
