Comment letter to the U.S. Department of Education on revisions to Cash Management Rule

150702_cashmanagement_woodstock.pdfThis comment letter responds to the U.S. Department of Education’s request for suggested revisions to its Cash Management Rule. Woodstock Institute suggests that the rule be made stronger to protect students from financial product that can negatively affect their finances. To further help students, the rule should include equal credit protections for Tier 1 and Tier 2 prepaid cards, require schools to give students free access to account history, require low opening deposit and minimum account balances, and prohibit deposit advance products.