Yesterday, the U.S. Senate passed sweeping financial reform. The bill will lower the fees colleges pay when students use debit and credit cards and increase oversight of private student loans.

Restoring American Financial Stability Act of 2010 creates the Consumer Financial Protection Bureau in the Federal Reserve that will have authority over most consumer lending including private student loans. In addition, the bill creates an ombudsman position to oversee private student loans.

The bill also requires the Federal Reserve to set “reasonable and proportional” fees for transactions involving debit cards issued by banks with assets of more than $10 billion.  This will provide great benefit to campus bookstores nationwide.

The President is expected to sign the bill soon.