Posted Date: May 18, 2017
Author: Jeff Baker, Director, Policy Liaison and Implementation, Federal Student Aid
Subject: Cash Management Electronic Announcement #5 - Publication of a Federal Register Notice Requesting Information Regarding Disclosures for Student Financial Accounts
As announced in a May 9, 2017 Federal Register notice, the Secretary seeks information from the public regarding the major features and types of commonly assessed fees that postsecondary institutions must disclose under the cash management regulations under a Tier 1 (T1) or Tier 2 (T2) arrangement. We have attached a copy of the Federal Register notice to this announcement.
The Secretary is also requesting feedback regarding the proposed format of these disclosures. The Secretary intends to use this information in developing a notice to be published in the Federal Register describing the format, content, and update requirements that institutions may follow to satisfy the requirements of the cash management regulations with respect to the major features and assessed fees associated with the T1 and T2 arrangements.
As noted in the Federal Register, we must receive your submission no later than June 8, 2017. Please refer to the attached notice for instructions on submitting comments to the Department.