I 
113TH CONGRESS 
2D SESSION 
H. R. 4714 
To amend the Higher Education Act of 1965 to establish requirements 
for preferred banking arrangements, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 22, 2014 
Mr. GEORGE MILLER of California (for himself, Ms. WATERS, Mr. WELCH, 
Ms. SLAUGHTER, Mr. SCOTT of Virginia, Mr. CUMMINGS, Mr. WAXMAN, 
Mr. CONYERS, Mr. TIERNEY, Mrs. DAVIS of California, Mr. GRIJALVA, 
Mr. BISHOP of New York, Mr. SABLAN, Ms. WILSON of Florida, Ms. 
BONAMICI, Mr. POCAN, Mr. TAKANO, Mr. ELLISON, Mr. CARTWRIGHT, 
Ms. CLARKE of New York, Mr. JEFFRIES, Mr. MCDERMOTT, Mr. NAD-
LER, Ms. PINGREE of Maine, Mr. HUFFMAN, Mr. THOMPSON of Cali-
fornia, Ms. LEE of California, Ms. LOFGREN, Ms. CHU, Mrs. NAPOLI-
TANO, Mr. LOWENTHAL, Ms. BROWNLEY of California, Mr. SCHIFF, Ms. 
BASS, Mr. ENYART, Ms. NORTON, Ms. SHEA-PORTER, Mr. RANGEL, Mrs. 
MCCARTHY of New York, Mr. BUTTERFIELD, Ms. ESHOO, Mr. MEEKS, 
Mr. SARBANES, Mr. HINOJOSA, Mr. FARR, Ms. MATSUI, Mr. DANNY K. 
DAVIS of Illinois, Ms. SCHAKOWSKY, Mr. CARSON of Indiana, Ms. 
SPEIER, Ms. BROWN of Florida, Mr. VAN HOLLEN, Mr. HONDA, Mr. 
CLAY, Mr. DEFAZIO, Ms. FRANKEL of Florida, Ms. FUDGE, Mr. GENE 
GREEN of Texas, Mr. YARMUTH, Mr. BRALEY of Iowa, Mr. RUSH, and 
Mr. GARAMENDI) introduced the following bill; which was referred to the 
Committee on Financial Services, and in addition to the Committee on 
Education and the Workforce, for a period to be subsequently determined 
by the Speaker, in each case for consideration of such provisions as fall 
within the jurisdiction of the committee concerned 
A BILL 
To amend the Higher Education Act of 1965 to establish 
requirements for preferred banking arrangements, and 
for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Curbing Abusive Mar-
keting Practices with University Student Debit Cards 
Act’’ or the ‘‘CAMPUS Debit Cards Act’’. 
SEC. 2. PREFERRED BANKING ARRANGEMENTS. 
Section 487 of the Higher Education Act of 1965 (20 
U.S.C. 1094) is amended— 
(1) in subsection (a), by adding at the end the 
following new paragraph: 
‘‘(30) In the case of an institution that has en-
tered into a preferred banking arrangement, the in-
stitution will meet the requirements of subsection 
(k).’’; 
(2) in subsection (i), by adding at the end the 
following new paragraph: 
‘‘(7) PREFERRED BANKING ARRANGEMENT.— 
‘‘(A) IN GENERAL.—The term ‘preferred 
banking arrangement’ means an arrangement 
or agreement between a financial institution 
and an institution of higher education under 
which the institution of higher education di-
rectly or indirectly recommends, promotes, or 
endorses to its students, or requires the delivery 
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of funds awarded under this Act to its students 
through, the deposit accounts or the general-use 
prepaid cards of the financial institution or the 
financial institution in general. 
‘‘(B) FINANCIAL TERMS.—For purposes of 
this paragraph— 
‘‘(i) the terms ‘bank’ and ‘savings as-
sociation’ have the definition given those 
terms, respectively, under section 3 of the 
Federal Deposit Insurance Act (12 U.S.C. 
1813); 
‘‘(ii) the term ‘credit union’ means a 
Federal credit union and a State credit 
union as those terms are defined, respec-
tively, under section 101 of the Federal 
Credit Union Act (12 U.S.C. 1752); 
‘‘(iii) the term ‘financial institution’ 
means a bank, savings association, credit 
union, or a person who has entered into an 
agreement with a bank, savings associa-
tion, or credit union; and 
‘‘(iv) the term ‘general-use prepaid 
card’— 
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‘‘(I) means a card or other pay-
ment code or device issued by any 
person that is— 
‘‘(aa) redeemable at multiple 
merchants or service providers, 
or automated teller machines; 
‘‘(bb) purchased or loaded 
on a prepaid basis; and 
‘‘(cc) honored, upon presen-
tation, by merchants for goods or 
services, or at automated teller 
machines; and 
‘‘(II) does not include an elec-
tronic promise, plastic card, or pay-
ment code or device that is— 
‘‘(aa) used solely for tele-
phone services; 
‘‘(bb) a loyalty, award, or 
promotional gift card, as defined 
by the Secretary; 
‘‘(cc) issued in paper form 
only (including for tickets and 
events); or 
‘‘(dd) redeemable solely for 
admission to events or venues at 
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a particular location or group of 
affiliated locations, which may 
also include services or goods ob-
tainable at the event or venue 
after admission or in conjunction 
with admission to such events or 
venues, at specific locations affili-
ated with and in geographic prox-
imity to the event or venue.’’; 
and 
(3) by adding at the end the following new sub-
section: 
‘‘(k) REQUIREMENTS FOR PREFERRED BANKING AR-
RANGEMENT.— 
‘‘(1) IN
GENERAL.—An institution of higher 
education that enters into a preferred banking ar-
rangement with a financial institution shall— 
‘‘(A) develop a code of conduct with re-
spect to the preferred banking arrangement 
with which the officers, employees, and agents 
of the institution of higher education shall com-
ply, that— 
‘‘(i) prohibits a conflict of interest 
with the responsibilities of an officer, em-
ployee, or agent of the institution of higher 
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education with respect to such arrange-
ment; 
‘‘(ii) requires each such officer, em-
ployee, and agent to act in the best inter-
ests of the students enrolled at the institu-
tion of higher education in carrying out 
such arrangement; and 
‘‘(iii) at a minimum, includes the pro-
visions described in paragraph (2); 
‘‘(B) publish such code of conduct promi-
nently on the website of the institution of high-
er education; 
‘‘(C) administer such code by, at a min-
imum, requiring that all of the officers, employ-
ees, and agents of the institution of higher edu-
cation with responsibilities with respect to the 
preferred banking arrangement be annually in-
formed of the provisions of the code of conduct; 
and 
‘‘(D) provide effective enforcement of such 
code. 
‘‘(2) CODE OF CONDUCT REQUIREMENTS.—The 
code of conduct requirements described in this para-
graph are as follows: 
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‘‘(A) BAN
ON
REVENUE-SHARING
AR-
RANGEMENTS.— 
‘‘(i) PROHIBITION.—The institution of 
higher education shall not enter into any 
revenue-sharing arrangement with any fi-
nancial institution. 
‘‘(ii) DEFINITION.—For purposes of 
this subparagraph, the term ‘revenue-shar-
ing arrangement’— 
‘‘(I) means an arrangement be-
tween an institution of higher edu-
cation and a financial institution 
under which— 
‘‘(aa) a financial institution 
provides deposit accounts or gen-
eral-use prepaid cards to stu-
dents attending the institution of 
higher education or to the fami-
lies of such students; and 
‘‘(bb) the institution of high-
er education recommends, pro-
motes, utilizes, sponsors, or oth-
erwise endorses the financial in-
stitution or the deposit accounts 
or general-use prepaid cards of 
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the financial institution and in 
exchange, the financial institu-
tion pays a fee or provides other 
material benefits, including rev-
enue or profit sharing, to the in-
stitution of higher education, or 
an officer, employee, or agent of 
the institution of higher edu-
cation; and 
‘‘(II) does not include an ar-
rangement under which a financial in-
stitution pays a fair market price to 
an institution of higher education for 
the advertising or marketing of the fi-
nancial institution to the general pub-
lic by the institution of higher edu-
cation. 
‘‘(B) GIFT BAN.— 
‘‘(i) PROHIBITION.—No officer, em-
ployee, or agent of an institution of higher 
education who has responsibilities with re-
spect to a preferred banking arrangement 
or has other responsibilities with respect to 
a financial institution shall solicit or accept 
any gift from the financial institution. 
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‘‘(ii) DEFINITION.—In this subpara-
graph, the term ‘gift’ means any gratuity, 
favor, discount, entertainment, hospitality, 
loan, or other item having a monetary 
value of more than a de minimus amount. 
The term includes a gift of services, trans-
portation, lodging, or meals, whether pro-
vided in kind, by purchase of a ticket, pay-
ment in advance, or reimbursement after 
the expense has been incurred. 
‘‘(iii) EXCEPTIONS.—The term ‘gift’ 
shall not include any of the following: 
‘‘(I) Standard material, activities, 
or programs on issues related to a 
loan, default aversion, default preven-
tion, or financial literacy, such as a 
brochure, a workshop, or training, but 
only if such materials, activities, or 
programs do not promote a product or 
service of a financial institution. 
‘‘(II) Favorable terms, condi-
tions, and benefits on the financial 
products of the financial institution 
made available to all employees of the 
institution of higher education if such 
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terms, conditions, or benefits are com-
parable to those provided to all stu-
dents of the institution of higher edu-
cation. 
‘‘(III) Entrance and exit coun-
seling services provided to borrowers 
to meet the responsibilities of the in-
stitution of higher education for en-
trance and exit counseling as required 
by subsections (b) and (l) of section 
485, as long as— 
‘‘(aa) the staff of the insti-
tution of higher education are in 
control of the counseling (wheth-
er in person or via electronic ca-
pabilities); and 
‘‘(bb) such counseling does 
not promote the products or serv-
ices of any specific lender. 
‘‘(IV) Philanthropic contributions 
to an institution of higher education 
from a financial institution that are 
unrelated to the deposit accounts or 
the general-use prepaid cards of the 
financial institution or the financial 
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institution in general or any contribu-
tion from the financial institution that 
is not made in exchange for any ad-
vantage related to the financial insti-
tution. 
‘‘(V) State education grants, 
scholarships, or financial aid funds 
administered by or on behalf of a 
State. 
‘‘(iv) RULE
FOR
GIFTS
TO
FAMILY 
MEMBERS.—For purposes of this subpara-
graph, a gift to a family member of an of-
ficer, employee, or agent of an institution 
of higher education, or to any other indi-
vidual based on that individual’s relation-
ship with the officer, employee, or agent, 
shall be considered a gift to the officer, 
employee, or agent if— 
‘‘(I) the gift is given with the 
knowledge and acquiescence of the of-
ficer, employee, or agent; and 
‘‘(II) the officer, employee, or 
agent has reason to believe the gift 
was given because of the official posi-
tion of the officer, employee, or agent. 
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‘‘(C) BAN ON STAFFING ASSISTANCE.— 
‘‘(i) PROHIBITION.—The institution of 
higher education shall not request or ac-
cept from any financial institution any as-
sistance with any office or department of 
the institution of higher education. 
‘‘(ii) 
CERTAIN
ASSISTANCE
PER-
MITTED.—Nothing in this paragraph shall 
be construed to prohibit the institution of 
higher education from requesting or ac-
cepting assistance from a financial institu-
tion related to— 
‘‘(I) 
professional 
development 
training for financial aid administra-
tors; 
‘‘(II) providing educational coun-
seling materials, financial literacy ma-
terials, or debt management materials 
to borrowers, provided that such ma-
terials disclose to borrowers the iden-
tification of any financial institution 
that assisted in preparing or providing 
such materials; or 
‘‘(III) staffing services on a 
short-term, nonrecurring basis to as-
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sist the institution of higher education 
with financial aid-related functions 
during emergencies, including State- 
declared or federally declared natural 
disasters, federally declared national 
disasters, and other localized disasters 
and emergencies identified by the Sec-
retary. 
‘‘(D) CONTRACTING ARRANGEMENTS PRO-
HIBITED.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), an officer, employee, or 
agent of an institution of higher education 
who has responsibilities with respect to a 
preferred banking arrangement or has 
other responsibilities with respect to a fi-
nancial institution shall not accept from 
any financial institution any fee, payment, 
or other financial benefit (including the op-
portunity to purchase stock) as compensa-
tion for any type of consulting arrange-
ment or other contract to provide services 
to or on behalf of the financial institution. 
‘‘(ii) EXCEPTION.—Clause (i) shall 
not prohibit an institution of higher edu-
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cation from permitting an officer, em-
ployee, agent, or contractor of a financial 
institution to serve on a board of directors, 
or as a trustee, of the institution of higher 
education, if the institution of higher edu-
cation has a written conflict of interest pol-
icy that requires such a board member or 
trustee to recuse themselves from any deci-
sion regarding deposit or prepaid accounts 
or a preferred banking arrangement at the 
institution of higher education. 
‘‘(E) INTERACTION WITH STUDENTS.—The 
institution of higher education shall not deny or 
cause unnecessary delay in the disbursement of 
a loan or grant under this title based on a stu-
dent’s selection of a particular financial institu-
tion. 
‘‘(F) ADVISORY BOARD COMPENSATION.— 
An employee, officer, or agent of an institution 
of higher education who has responsibilities 
with respect to a preferred banking arrange-
ment or has other responsibilities with respect 
to a financial institution, and who serves on an 
advisory board, commission, or group estab-
lished by a financial institution, shall be prohib-
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ited from receiving anything of value from the 
financial institution, except that the employee 
may be reimbursed for reasonable expenses in-
curred in serving on such advisory board, com-
mission, or group.’’. 
SEC. 3. DISBURSEMENT OF CREDIT BALANCE. 
Part G of title IV of the Higher Education Act of 
1965 (20 U.S.C. 1088 et seq.) is amended by adding at 
the end the following: 
‘‘SEC. 493E. DISBURSEMENT OF CREDIT BALANCE. 
‘‘(a) ESTABLISHMENT OF SYSTEM FOR DISBURSE-
MENT.—Not later than 3 years after the date of enact-
ment of the CAMPUS Debit Cards Act, each institution 
of higher education that enrolls a student who receives a 
grant or loan under this title shall establish a system for 
the disbursement of credit balances in accordance with 
subsection (b). 
‘‘(b) ELECTRONIC PAYMENT SYSTEM.—Each institu-
tion of higher education described in subsection (a) shall 
establish a system for disbursement of credit balances 
through electronic payments to a deposit account or a gen-
eral-use prepaid card (defined in section 487(i)(7)) with 
the protections afforded under the Electronic Fund Trans-
fer Act (15 U.S.C. 1693 et seq.). 
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‘‘(c) DISTRIBUTION OPTIONS.—The Secretary of 
Education, in consultation with the Secretary of the 
Treasury and the Bureau of Consumer Financial Protec-
tion, shall conduct a pilot program on providing students 
with the option of receiving credit balances by using the 
Treasury Direct Express system established under section 
3336 of title 31, United States Code, or through any other 
low-cost alternative as determined by the Secretary. 
‘‘(d) CREDIT BALANCE.—In this section, the term 
‘credit balance’ means the amount of program funds under 
this title credited to a student’s ledger account at an insti-
tution of higher education that exceed the amount as-
sessed the student by the institution for allowable institu-
tional charges, as defined by the Secretary.’’. 
SEC. 4. PREVENTING UNFAIR AND DECEPTIVE MARKETING 
OF FINANCIAL PRODUCTS TO STUDENTS OF 
INSTITUTIONS OF HIGHER EDUCATION. 
(a) IN GENERAL.—The Consumer Financial Protec-
tion Act of 2010 is amended by inserting after section 
1031 the following: 
‘‘SEC. 1031A. PREVENTING UNFAIR AND DECEPTIVE MAR-
KETING OF FINANCIAL PRODUCTS TO STU-
DENTS OF INSTITUTIONS OF HIGHER EDU-
CATION. 
‘‘(a) DEFINITIONS.—In this section: 
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‘‘(1) FINANCIAL INSTITUTION.—The term ‘fi-
nancial institution’ means any institution that offers, 
provides, or issues financial products, including 
banks, savings associations, and credit unions. 
‘‘(2) INSTITUTION OF HIGHER EDUCATION.— 
The term ‘institution of higher education’ has the 
meaning given that term in section 102 of the High-
er Education Act of 1965 (20 U.S.C. 1002). 
‘‘(b) DISCLOSURE REQUIRED.— 
‘‘(1) DISCLOSURE BY INSTITUTIONS OF HIGHER 
EDUCATION.—An institution of higher education, or 
an alumni organization or foundation affiliated with 
or related to an institution of higher education, shall 
publicly disclose (including on the website of such in-
stitution, organization, or foundation) any contract 
or other agreement made with a financial institution 
for the purpose of marketing a financial product— 
‘‘(A) in the case of a contract or agree-
ment entered into before the date of enactment 
of this section, by not later than 90 days after 
such date of enactment; and 
‘‘(B) in the case of a contract or agree-
ment entered into on or after such date of en-
actment, by not later than 90 days after the in-
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tution of higher education, alumni organi-
zation, or foundation during the period 
covered by the report, and the precise 
terms of any agreement under which such 
amounts are determined; and 
‘‘(iii) the number of financial products 
covered by any such agreement that were 
originated during the period covered by the 
report, and the total number of financial 
products covered by the agreement that 
were outstanding at the end of such pe-
riod. 
‘‘(C) AGGREGATION
OF
INFORMATION.— 
The information required to be reported under 
subparagraph (A) shall be aggregated with re-
spect to each institution of higher education or 
alumni organization or foundation affiliated 
with or related to such institution of higher 
education. 
‘‘(D) INITIAL REPORT.—The initial report 
required under subparagraph (A) shall be sub-
mitted to the Bureau not later than 1 year 
after the date of enactment of this section. 
‘‘(3) REPORTS BY BUREAU.—The Bureau shall 
submit to Congress, and make available to the pub-
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lic, an annual report that lists the information con-
cerning the agreements submitted to the Bureau 
under paragraph (2) by each financial institution, 
institution of higher education, alumni organization, 
or foundation. 
‘‘(4) RECORD REPOSITORY.—The Bureau shall 
establish and maintain on its publicly available 
website a central repository of all contracts and 
other agreements contained in reports received from 
financial institutions pursuant to this paragraph, 
and such contracts and agreements shall be in a 
form that is easily accessible and retrievable by the 
public. 
‘‘(c) INDUCEMENTS PROHIBITED.—No financial in-
stitution may offer to a student at an institution of higher 
education any tangible or intangible item to induce the 
student to apply, purchase, or obtain a financial product 
offered by the financial institution, if the offer is made– 
‘‘(1) on the campus of an institution of higher 
education; 
‘‘(2) near the campus of an institution of higher 
education, as determined by rule of the Bureau; or 
‘‘(3) at an event sponsored by or related to an 
institution of higher education.’’. 
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(b) RULEMAKING REQUIRED.—Not later than the 
end of the 2-year period beginning on the date of the en-
actment of this Act, the Bureau of Consumer Financial 
Protection shall issue regulations identifying as unlawful 
unfair, deceptive, or abusive acts or practices in connec-
tion with any transaction with a consumer for a consumer 
financial product or service, or the offering of a consumer 
financial product or service, as described under section 
1031 of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5531). 
(c) TECHNICAL AND CONFORMING AMENDMENT.— 
The table of contents of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act is amended by adding 
after the item relating to section 1031 the following: 
‘‘1031A. Preventing unfair and deceptive marketing of financial products to stu-
dents of institutions of higher education.’’. 
SEC. 5. STUDY OF FINANCIAL PRODUCT MARKETING. 
(a) STUDY.—The Bureau of Consumer Financial 
Protection shall carry out a study on the marketing of fi-
nancial products to students enrolled in institutions of 
higher education. Such study shall include an analysis 
of— 
(1) the extent to which financial institutions use 
an institution of higher education’s name, emblem, 
mascot, logo, or other words, pictures, or symbols 
readily identified with such institution of higher edu-
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cation in the marketing of financial products, includ-
ing deposit accounts, general purpose reloadable pre-
paid cards, and payment services; 
(2) the extent to which institutions of higher 
education provide access to campus facilities and 
sponsored functions to financial institutions, includ-
ing orientation activities for new and prospective 
students; and 
(3) the extent to which agreements between fi-
nancial institutions and institutions of higher edu-
cation are accessible for inspection by students and 
their families. 
(b) REPORT.—Not later than the end of the 1-year 
period beginning on the date of the enactment of this Act, 
the Bureau shall issue a report to the Committees on Edu-
cation and the Workforce and Financial Services of the 
House of Representatives and the Committees on Health, 
Education, Labor, and Pensions and Banking, Housing, 
and Urban Affairs of the Senate containing— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
and 
(2) any legislative recommendations the Bureau 
may have. 
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(c) RULEMAKING.—If, after conducting the study re-
quired under subsection (a), the Bureau determines that 
financial products are not marketed to students enrolled 
in institutions of higher education in a fair manner, the 
Bureau shall issue regulations to ensure such products are 
marketed in a fair manner. 
SEC. 6. SENSE OF CONGRESS. 
It is the sense of the Congress that financial products 
marketed to students enrolled in institutions of higher 
education should be presented in a fair and neutral man-
ner. 
SEC. 7. DEFINITIONS. 
For purposes of this Act, the terms ‘‘financial institu-
tion’’ and ‘‘institution of higher education’’ have the 
meanings given the terms in section 1031A of the Con-
sumer Financial Protection Act of 2010, as added by sec-
tion 3 of this Act. 
Æ 
VerDate Mar 15 2010 
01:04 May 29, 2014
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tjames on DSK6SPTVN1PROD with BILLS