,i #aafth ,,congress #ast ,session ,h4 ,r4 #cedg ,,in ,,the ,,house ,,of ,,representatives ,june #bg1 #bjai ,ms4 ,bonamici 7for herself and ,ms4 ,porter7 introduced the following bill2 which was referred to the ,committee on ,education and ,labor1 and in addition to the ,committee on ,financial ,services1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,consumer ,financial ,protection ,act of #bjaj to establish the position of the ,assistant ,director and ,student ,loan ,borrower ,advocate of the ,bureau of ,consumer ,financial ,protection1 to establish the ,office for ,students and ,young ,consumers of the ,bureau1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,students and ,young ,consumers ,empowerment ,act4 #b4 ,assistant ,director and ,student ,loan ,borrower ,advocate 7a7 ,in general ,section #ajce of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eece7 is amended to read as follows3 #ajce4 ,assistant ,director and ,student ,loan ,borrower ,advocate 7a7 ,establishment ,there is established the position of ,assistant ,director and ,student ,loan ,borrower ,advocate1 who shall be appointed by the ,director4 7b7 ,duties ,the ,assistant ,director and ,student ,loan ,borrower ,advocate shall-- 7#a7 serve as the head of the ,office for ,students and ,young ,consumers established under subsection 7e72 7#b7 not later than the end of the #fj-;day period beginning on the date of enactment of this section1 enter into a memorandum of understanding with the ,secretary of ,education1 the ,chief ,operating ,officer appointed under section #ada7;d7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajah7;d771 and the ,student ,loan ,ombudsman appointed under section #ada7;f7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajah7;f77 that-- 7,a7 ensures coordination in providing assistance to and serving borrowers seeking to resolve complaints related to their private education or ,federal student loans2 7,b7 authorizes the ,bureau to access all relevant ,department of ,education information systems1 records1 and data1 including any relevant information systems1 records1 or data maintained by contractors of the ,department of ,education2 7#c7 accept and attempt to resolve complaints from borrowers with both private education loans and ,federal student loans1 including complaints against lenders1 servicers1 and debt collectors2 and 7#d7 carry out such other duties as the ,director may determine appropriate4 7c7 ,notification to ,congress ,the ,director shall provide written notice and an explanation to the appropriate congressional committees1 if-- 7#a7 the position of the ,assistant ,director and ,student ,loan ,borrower ,advocate has been vacant for a period of #fj days or more2 or 7#b7 the memorandum of understanding required under subsection 7b77#b7 has lapsed for a period of #fj days or more4 7d7 ,reports 7#a7 ,annual report on the student loan marketplace ,the ,assistant ,director and ,student ,loan ,borrower ,advocate shall-- 7,a7 compile and analyze complaints from borrowers with ,federal student loans or private education loans2 7,b7 not less than once per year1 submit a report to ,congress summarizing the activities of the ,assistant ,director and ,student ,loan ,borrower ,advocate in the previous year and including an independent evaluation of risks to consumers posed by policies and practices in the student loan marketplace2 and 7,c7 as part of each report submitted in accordance with subparagraph 7,b71 and any other time deemed prudent by the ,student ,loan ,borrower ,advocate1 make recommendations to the ,director1 the ,secretary of the ,treasury1 the ,secretary of ,education1 and the appropriate congressional committees to address risk to student loan borrowers and strengthen the student loan marketplace4 7#b7 ,annual report on campus banking ,not less than once per year1 the ,assistant ,director and ,student ,loan ,borrower ,advocate shall issue a report to the appropriate congressional committees analyzing the use of consumer financial products and services by students enrolled at institutions of higher education1 including an evaluation of contracts and other financial arrangements between institutions of higher education and providers of consumer financial products and services1 including an evaluation of revenue sharing provisions1 marketing provisions1 and fees assessed to students who use such products and services4 7#c7 ,report on risks to young consumers ,not less than once per year1 the ,assistant ,director and ,student ,loan ,borrower ,advocate shall issue a report to the appropriate congressional committees containing an analysis of complaints submitted to the ,bureau by young consumers during the previous year and offering an independent evaluation of risks to consumers posed by policies and practices in the marketplace for consumer financial products and services4 7e7 ,office for ,students and ,young ,consumers ,there is established an ,office for ,students and ,young ,consumers1 which shall be responsible for developing and implementing initiatives for students1 young consumers1 and their families intended to-- 7#a7 educate and empower students1 young consumers1 and their families to make better informed decisions regarding consumer financial products and services2 and 7#b7 coordinate efforts among ,federal and ,state agencies1 as appropriate1 regarding consumer protection measures relating to consumer financial products and services offered to1 or used by1 students1 young consumers1 and their families4 7f7 ,collection of information2 market monitoring 7#a7 ,in general ,in carrying out this section1 the ,assistant ,director and ,student ,loan ,borrower ,advocate shall have the authority to gather information from time to time regarding the organization1 business conduct1 markets1 and activities of covered persons and service providers4 7#b7 ,sources of information ,in gathering information described under paragraph 7#a71 the ,assistant ,director and ,student ,loan ,borrower ,advocate may gather and compile information from a variety of sources1 including examination reports concerning covered persons or service providers1 consumer complaints1 voluntary surveys and voluntary interviews of consumers1 surveys and interviews with covered persons and service providers1 and review of available databases4 7#c7 ,authority to require reports and other information ,the ,director shall1 upon the recommendation of the ,assistant ,director and ,student ,loan ,borrower ,advocate1 require covered persons and service providers participating in consumer financial services markets to file with the ,bureau1 under oath or otherwise1 in such form and within such reasonable period of time as the ,bureau may prescribe by rule or order1 annual or special reports1 answers in writing to specific questions1 or other information described under section #ajbb7;c77#d74 7#d7 ,limitation ,the ,bureau may not use its authorities under this subsection to obtain records from covered persons and service providers participating in consumer financial services markets for purposes of gathering or analyzing the personally identifiable financial information of consumers4 7g7 ,definitions ,for purposes of this section3 7#a7 ,appropriate congressional committees ,the term appropriate congressional committees means the ,committees on ,education and ,labor and ,financial ,services of the ,house of ,representatives and the ,committees on ,banking1 ,housing1 and ,urban ,affairs and ,health1 ,education1 ,labor and ,pensions of the ,senate4 7#b7 ,truth in ,lending ,act terms ,the terms private education loan and institution of higher education have the meanings given those terms1 respectively1 under section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej74 4 7b7 ,clerical amendment ,the table of contents under section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended1 in the item relating to section #ajce1 by striking ,private ,education ,loan ,ombudsman and inserting ,assistant ,director and ,student ,loan ,borrower ,advocate4 #c4 ,duties of the ,department of ,education ,part ,d of title ,i of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajah et seq47 is amended by adding at the end the following3 #add4 ,memorandum of understanding with the ,assistant ,director and ,student ,loan ,borrower ,advocate ,not later than the end of the #fj-;day period beginning on the date of enactment of this section1 the ,secretary of ,education1 the ,chief ,operating ,officer appointed under section #ada7;d71 and the ,student ,loan ,ombudsman appointed under section #ada7;f7 shall enter into a memorandum of understanding with the ,assistant ,director and ,student ,loan ,borrower ,advocate of the ,bureau of ,consumer ,financial ,protection that-- 7#a7 ensures coordination in providing assistance to and serving borrowers seeking to resolve complaints related to their private education loans or loans made1 insured1 or guaranteed under title ,,iv2 and 7#b7 authorizes the ,bureau to access all relevant ,department information systems1 records1 and data1 including any relevant information systems1 records1 or data maintained by contractors of the ,department4 4