This is a controversial topic. One can argue that if the faculty member is not teaching this student in any classes and both individuals are adults, then they should be allowed to engage in a romantic relationship. But you also have to think that this faculty member might have a way to influence other faculty members that are directly involved with this student. They might be professors for this students, etc. So, it is really tough for any universities to loosen this policy because they are afraid it will lead to more problems down the road.