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80 Fr 28483 - Program Integrity And Improvement - Content Details: What You Should Know
Title: The Secretary proposes to amend the cash management regulations under subpart K and other sections of the Student Assistance General Provisions regulations issued under the Program Integrity and Improvement Act (PISA). This proposed rule would revise certain provisions of regulations governing certain financial transactions, including those with the Federal Reserves (Federal Reserve Banks) and with Federal credit card debtors. The Secretary believes that this proposed rule is required by the PISA and the regulations issued under §668.169 (d) (1)(B), (C), and (F). The objective is to ensure that students understand the requirements for financial transactions and the impact of any such transactions. Such transactions include cash withdrawals from campus banks or from Federal Reserve or other credit card accounts used by a student while attending an institution of higher education, providing a Federal Reserve account or debit, and transferring proceeds from student lending activities. This proposed rule is also designed to mitigate the risk that students will be subject to excessive or unsafe levels of financial risk while using Federal Reserve-administered payments because they are required to be made at a Federal Reserve branch, and because the Federal Reserve Banks may not have sufficient staff to review each case thoroughly. The proposed rule will provide additional protection for student financial situations by ensuring that the student is provided sufficient time and opportunity for the financial institutions that maintain the student's student account to make the necessary determinations regarding the student's ability to continue to be eligible for federal financial aid, including by modifying the process for initiating the case to reduce the time and cost on the financial institutions in that connection. This rule would also require any consumer reporting agency (CRA) providing financial information on an individual to provide to the Secretary (1) the name and contact information of the person who is required to provide the information, and (2) on forms that the Secretary provides, the person's name, account numbers, and routing numbers. The Secretary considers this to further strengthen the Secretary's ability to manage consumer financial situations that affect the student. The proposed rule would also implement a program integrity and improvement that will encourage the use of the existing administrative procedures developed by the Office of Inspector Action: Issuance of proposed regulations. Note: All information provided in this document is from the U.S. Department of Education's Office of Federal Student Aid (OFS), Student Aid Information Center (SAIC) and the Federal Register (FR), unless otherwise noted. USF students.
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