,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #bhcc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #ag1 #bjai,ms4   
,port] 7= h]self1 ,ms4 ,bonamici1 ,mr4  
,s>banes1 ,mr4 ,takano1 ,ms4 ,adams1    
,mr4 ,fo/]1 ,ms4 ,pressley1 & ,mr4 ,lev9
 ( ,mi*igan7 introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on         
,education & ,labor1 & 9 addition to !  
,committee on ,f9ancial ,s]vices1 = a   
p]iod to be subsequ5tly det]m9$ by !    
,speak]1 9 ea* case = consid]ation ( su*
 provisions z fall )9 ! jurisdiction ( !
 committee conc]n$  ,a ,,bill  ,to      
require ! /ud5t loan ombudsman ( !      
,dep>tm5t ( ,education to provide /ud5t 
loan data to ! ,bureau ( ,consum]       
,f9ancial ,protection1 & = o!r purposes4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,,cfpb ,/ud5t ,loan ,integrity &    
,transp>5cy ,act ( #bjai4  #b4 ,f9d+s   
,congress f9ds ! foll[+3  7#a7 ,! total 
am\nt ( out/&+ /ud5t loans j surpass$   
#a1ejj1jjj1jjj1jjj4  7#b7 ,/ud5t loans  
are ! bigge/ category ( consum] borr[+  

aft] mortgages4  7#c7 ,s9ce ! ,consum]  
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edha et seq47 e/abli%$ !     
,consum] ,f9ancial ,protection ,bureau1 
! ,bureau has f\ght to ensure families  
receive a fair %ake z !y /rive = !      
,am]ican ,dream4  7#d7 ,! ,consum]      
,f9ancial ,protection ,act ( #bjaj      
creat$ a ,/ud5t ,loan ,ombudsman at !   
,consum] ,f9ancial ,protection ,bureau4 
,9 #bjaa1 ! ,consum] ,f9ancial          
,protection ,bureau e/abli%$ an ,(fice =
 ,/ud5ts & ,"y ,consum]s1 l$ by ! ,/ud5t
 ,loan ,ombudsman1 to assi/ /ud5ts :o   
are mi/reat$ or misl$ by pr$atory l5d]s4
  7#e7 ,s9ce its creation1 ! ,(fice (   
,/ud5ts & ,"y ,consum]s1 l$ by ! ,/ud5t 
,loan ,ombudsman1 has def5d$ milit>y    
families 9 ! ,unit$ ,/ates f pr$atory   
l5d]s & =-pr(it colleges1 & o!r         
unscrupul\s bus9esses4  7#f7 ,! ,(fice (
 ,/ud5ts & ,"y ,consum]s help$ t5s (    
?\s&s ( active-duty milit>y s]vice      
memb]s :o 7 be+ ov]*>g$ = /ud5t loans1 &
 coord9at+ ) ! ,unit$ ,/ates ,ju/ice    

,dep>tm5t1 succe$$ 9 return+ #fj1jjj1jjj
 to ! s]vice memb]s1 & requir$ ! indu/ry
 to improve its practices4  7#g7 ,!     
,(fice ( ,/ud5ts & ,"y ,consum]s has    
collect$ & analyz$ hundr$s ( ?\s&s (    
/ud5t compla9ts4  7#h7 ,! ,(fice (      
,/ud5ts & ,"y ,consum]s has recov]$ m   
?an #gej1jjj1jjj on behalf ( defraud$   
/ud5ts4  7#i7 ,! ,(fice ( ,/ud5ts & ,"y 
,consum]s has be5 in/rum5tal 9 ! %utd[n 
( =-pr(it univ]sities & colleges t _h   
be5 accus$ ( pr$atory practices4  7#aj7 
,! ,(fice ( ,/ud5ts & ,"y ,consum]s     
collect$ data & au?or$ a report t %[$   
l>ge banks ov]*>g$ college /ud5ts fees t
 7 high] ?an _m ( _! competitors4 ,!    
report rema9$ unpubli%$ by !            
,adm9i/ration until a rec5t ,,foia      
reque/ op5$ x to ! public4  7#aa7 ,!    
,dep>tm5t ( ,education ,(fice (         
,inspector ,g5]al releas$ a conc]n+     
report on ,febru>y #ab1 #bjai1 t        
highlight$ ! al>m+ frequ5cy at :i* /ud5t
 loan contractors & v5dors engag$ 9     
noncompliance ) ,f$]al requirem5ts =    

s]vic+ /ud5t loans4  #c4 ,dep>tm5t (    
,education /ud5t loan in=mation ,section
 #ada7;f77#c7 ( ! ,high] ,education ,act
 ( #aife 7#bj ,u4,s4,c4 #ajah7;f77#c77  
is am5d$-- 7#a7 by r$esignat+           
subp>agraphs 7,a7 & 7,b7 z subp>agraphs 
7,b7 & 7,c71 respectively2 &  7#b7 by   
ins]t+ be=e subp>agraph 7,b7 ! foll[+3  
7,a7 provide in=mation relat+ to /ud5t  
loans to ! ,director ( ! ,consum]       
,f9ancial ,protection ,bureau or !      
ombudsman ( ! ,consum] ,f9ancial        
,protection ,bureau designat$ "u section
 #ajce ( ! ,consum] ,f9ancial           
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#eece7 z reque/$ by ! ,director ( !     
,consum] ,f9ancial ,protection ,bureau  
or t ombudsman2  4  #d4 ,/ud5t loan     
contractor & v5dor agreem5ts ,"p ,g (   
title ,,iv ( ! ,high] ,education ,act ( 
#aife 7#bj ,u4,s4,c4 #ajhh et seq47 is  
am5d$ by ins]t+ aft] section #dhf;,a !  
foll[+3  #dhf;,b4 ,contractor & v5dor   
agreem5ts ,! ,secret>y %all n ent] into 
an agreem5t ) a contractor or v5dor t   

s]vices loans "u ?is title unless1 z "p 
( t agreem5t1 su* contractor or v5dor   
ass]ts t ! contractor or v5dor w provide
 in=mation to ! ,director ( ! ,consum]  
,f9ancial ,protection ,bureau or !      
ombudsman ( ! ,consum] ,f9ancial        
,protection ,bureau designat$ "u section
 #ajce ( ! ,consum] ,f9ancial           
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#eece7 z reque/$ by ! ,director ( !     
,consum] ,f9ancial ,protection ,bureau  
or t ombudsman4  4  #e4 ,duty to provide
 adequate /aff+2 ,memor&a ( und]/&+  7a7
 ,duty ,to provide adequate /aff+       
,section #ajac7;a77#a7 ( ! ,consum]     
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edic7;a77#a77 is am5d$ by    
add+ at ! end ! foll[+3  7,d7 ,duty to  
provide adequate /aff+ ,not)/&+         
subp>agraph 7,a71 ! ,director %all      
ensure t ea* specific functional unit & 
(fice describ$ "u subsections 7b71 7c71 
7d71 7e71 & 7g7 & any o!r unit & (fice )
 sup]visory & en=cem5t duties1 is       
provid$ ) suffici5t /aff to c>ry out !  

functions1 duties1 & coord9ation ( t    
unit or (fice1 z applicable4  4  7b7    
,memor&a ( und]/&+  7#a7 ,ree/abli%m5t (
 memor&a ( und]/&+ ,! memor&a ( und]/&+ 
betwe5 ! ,bureau ( ,consum] ,f9ancial   
,protection & ! ,dep>tm5t ( ,education  
entitl$ ,memor&um ( ,und]/&+ ,betwe5 !  
,bureau ( ,consum] ,f9ancial ,protection
 & ! ,u4,s4 ,dep>tm5t ( ,education      
,conc]n+ ! ,%>+ ( ,in=mation 7,octob]   
#ai1 #bjaa7 & ,memor&um ( ,und]/&+      
,conc]n+ ,sup]visory & ,ov]sight        
,coop]ation & ,relat$ ,in=mation ,%>+   
,betwe5 ! ,u4,s4 ,dep>tm5t ( ,education 
& ! ,consum] ,f9ancial ,protection      
,bureau 7,janu>y #i1 #bjad7--  7,a7 %all
 rema9 9 effect & may n be t]m9at$ by   
any p>ty to su* memor&a2 &  7,b7 may    
only be am5d$ or revis$ if ! p>ties to !
 memor&a det]m9e t su* am5dm5t or       
revision w\ld promote bett] int]ag5cy   
coord9ation to ! b5efit ( consum]s4     
7#b7 ,report on curr5t ,m,o,us ,n lat]  
?an ! end ( ! #cj-;day p]iod beg9n+ on !
 date ( enactm5t ( ?is ,act1 ! ,director

 ( ! ,bureau ( ,consum] ,f9ancial       
,protection %all submit to ! ,committee 
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate & ! ,committee on ,f9ancial      
,s]vices ( ! ,h\se ( ,repres5tatives a  
report li/+--  7,a7 ea* memor&um (      
und]/&+ 9 effect on ,novemb] #bd1 #bjag1
 to :i* ! ,bureau ( ,consum] ,f9ancial  
,protection 0 a p>ty2  7,b7 any *anges  
made to a memor&um describ$ 9           
subp>agraph 7,a7 aft] ,novemb] #bd1     
#bjag1 includ+ any memor&um ( und]/&+   
resc9d$ s9ce t date2 &  7,c7 a          
ju/ification = ea* *ange or rescission  
describ$ 9 subp>agraph 7,b74  7#c7      
,semi-annual report on ,m,o,us ,section 
#ajaf7;c7 ( ! ,consum] ,f9ancial        
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edif7;c77 is am5d$--  7,a7 9 p>agraph  
7#h71 by /rik+ & at ! end2  7,b7 9      
p>agraph 7#i71 by /rik+ ! p]iod at ! end
 & ins]t+ a semicolon2 &  7,c7 by add+  
at ! end ! foll[+3  7#aj7 a li/ ( ea*   
memor&um ( und]/&+ 9 effect1 z ( ! date 
on :i* ! report is submitt$1 to :i* !   

,bureau is a p>ty2  7#aa7 any *anges    
made to a memor&um ( und]/&+ to :i* !   
,bureau is a p>ty aft] ! date on :i* !  
previ\s report requir$ "u subsection 7b7
 0 submitt$2 &  7#ab7 a ju/ification =  
ea* *ange describ$ 9 p>agraph 7#aa74  4