The University of Minnesota- Twin Cities and TCF Bank along with other schools and banks across the country are being scrutinized by the Consumer Financial Protection Bureau, news sources report.
These inquiries began Jan. 31 when the CFPB announced that there were going to begin "launching an inquiry into all the financial products being marketed to college students around the country," the Star Tribune reported. According to the U.S. Public Interest Research Group there are almost 900 institutions in the United States that have contracts with banks, Star Tribune reported.
The University of Minnesota announced in June that the current contract agreement with TCF Bank will be extended until 2023 and there is an additional six-year extension option, MN Daily reported.
At the University of Minnesota alone more than 36,000 active TCF Bank accounts have been opened for its students, MN Daily reported.
University of Minnesota's CFO and Treasurer Richard Pfutzenreuter said in response to the inquiry, "We think our card relationship with TCF Bank on the U Card is one of the best relationships in the country," Star Tribune reported.
TCF spokesman Jason Korstange also responsed to the inquiry and said that TCF has "a very open relationship with the University of Minnesota and expect to continue it for a long time," MN Daily reported.