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Webster debit card provider under investigation
Higher One Holdings, Webster University’s student debit card supplier, is under investigation by the Federal Reserve Bank in Chicago, Ill., according to an April 10 article from the Huffington Post.
Higher One is being accused of partaking in business practices with an unidentified bank. According to the article, the business practices removed “large portions of student federal loans.”
In a report filed by Higher One to the Securities and Exchange Commission, Higher One said the unidentified bank, who is referred to as a former business partner, is accused of using unfair marketing practices in relation to Higher One’s college student debit accounts.
The news of this investigation comes after a prior investigation of Higher One by the Federal Deposit Insurance Corporation (FDIC). The investigation by the FDIC was conducted after Higher One was accused of “violating students’ consumer rights.” The investigation ended in 2012, and Higher One agreed to a $11 million settlement.
Higher One wrote in its report that the current investigation could lead to financial penalties and changes in how the company conducts their business.