,i #aaf? ,,congress #a/ ,session ,h4 ,r4 #cedg ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,june #bg1 #bjai ,ms4 ,bonamici 7= h]self & ,ms4 ,port]7 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 am5d ! ,consum] ,f9ancial ,protection ,act ( #bjaj to e/abli% ! position ( ! ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate ( ! ,bureau ( ,consum] ,f9ancial ,protection1 to e/abli% ! ,(fice = ,/ud5ts & ,"y ,consum]s ( ! ,bureau1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,/ud5ts & ,"y ,consum]s ,emp[]m5t ,act4 #b4 ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate 7a7 ,9 g5]al ,section #ajce ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eece7 is am5d$ to read z foll[s3 #ajce4 ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate 7a7 ,e/abli%m5t ,!re is e/abli%$ ! position ( ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate1 :o %all be appo9t$ by ! ,director4 7b7 ,duties ,! ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate %all-- 7#a7 s]ve z ! head ( ! ,(fice = ,/ud5ts & ,"y ,consum]s e/abli%$ "u subsection 7e72 7#b7 n lat] ?an ! end ( ! #fj-;day p]iod beg9n+ on ! date ( enactm5t ( ?is section1 ent] into a memor&um ( und]/&+ ) ! ,secret>y ( ,education1 ! ,*ief ,op]at+ ,(fic] appo9t$ "u section #ada7;d7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajah7;d771 & ! ,/ud5t ,loan ,ombudsman appo9t$ "u section #ada7;f7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajah7;f77 t-- 7,a7 ensures coord9ation 9 provid+ assi/ance to & s]v+ borr[]s seek+ to resolve compla9ts relat$ to _! private education or ,f$]al /ud5t loans2 7,b7 au?orizes ! ,bureau to access all relevant ,dep>tm5t ( ,education in=mation sy/ems1 records1 & data1 includ+ any relevant in=mation sy/ems1 records1 or data ma9ta9$ by contractors ( ! ,dep>tm5t ( ,education2 7#c7 accept & attempt to resolve compla9ts f borr[]s ) bo? private education loans & ,f$]al /ud5t loans1 includ+ compla9ts aga9/ l5d]s1 s]vic]s1 & debt collectors2 & 7#d7 c>ry out su* o!r duties z ! ,director may det]m9e appropriate4 7c7 ,notification to ,congress ,! ,director %all provide writt5 notice & an explanation to ! appropriate congressional committees1 if-- 7#a7 ! position ( ! ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate has be5 vacant = a p]iod ( #fj days or m2 or 7#b7 ! memor&um ( und]/&+ requir$ "u subsection 7b77#b7 has laps$ = a p]iod ( #fj days or m4 7d7 ,reports 7#a7 ,annual report on ! /ud5t loan m>ketplace ,! ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate %all-- 7,a7 compile & analyze compla9ts f borr[]s ) ,f$]al /ud5t loans or private education loans2 7,b7 n less ?an once p] ye>1 submit a report to ,congress summ>iz+ ! activities ( ! ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate 9 ! previ\s ye> & includ+ an indep5d5t evaluation ( risks to consum]s pos$ by policies & practices 9 ! /ud5t loan m>ketplace2 & 7,c7 z "p ( ea* report submitt$ 9 accordance ) subp>agraph 7,b71 & any o!r "t deem$ prud5t by ! ,/ud5t ,loan ,borr[] ,advocate1 make recomm5dations to ! ,director1 ! ,secret>y ( ! ,treasury1 ! ,secret>y ( ,education1 & ! appropriate congressional committees to address risk to /ud5t loan borr[]s & /r5g!n ! /ud5t loan m>ketplace4 7#b7 ,annual report on campus bank+ ,n less ?an once p] ye>1 ! ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate %all issue a report to ! appropriate congressional committees analyz+ ! use ( consum] f9ancial products & s]vices by /ud5ts enroll$ at in/itutions ( high] education1 includ+ an evaluation ( contracts & o!r f9ancial arrangem5ts betwe5 in/itutions ( high] education & provid]s ( consum] f9ancial products & s]vices1 includ+ an evaluation ( rev5ue %>+ provisions1 m>ket+ provisions1 & fees assess$ to /ud5ts :o use su* products & s]vices4 7#c7 ,report on risks to "y consum]s ,n less ?an once p] ye>1 ! ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate %all issue a report to ! appropriate congressional committees conta9+ an analysis ( compla9ts submitt$ to ! ,bureau by "y consum]s dur+ ! previ\s ye> & (f]+ an indep5d5t evaluation ( risks to consum]s pos$ by policies & practices 9 ! m>ketplace = consum] f9ancial products & s]vices4 7e7 ,(fice = ,/ud5ts & ,"y ,consum]s ,!re is e/abli%$ an ,(fice = ,/ud5ts & ,"y ,consum]s1 :i* %all be responsible = develop+ & implem5t+ initiatives = /ud5ts1 "y consum]s1 & _! families int5d$ to-- 7#a7 educate & emp[] /ud5ts1 "y consum]s1 & _! families to make bett] in=m$ decisions reg>d+ consum] f9ancial products & s]vices2 & 7#b7 coord9ate ef=ts among ,f$]al & ,/ate ag5cies1 z appropriate1 reg>d+ consum] protection measures relat+ to consum] f9ancial products & s]vices (f]$ to1 or us$ by1 /ud5ts1 "y consum]s1 & _! families4 7f7 ,collection ( in=mation2 m>ket monitor+ 7#a7 ,9 g5]al ,9 c>ry+ out ?is section1 ! ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate %all h ! au?ority to ga!r in=mation f "t to "t reg>d+ ! organization1 bus9ess conduct1 m>kets1 & activities ( cov]$ p]sons & s]vice provid]s4 7#b7 ,s\rces ( in=mation ,9 ga!r+ in=mation describ$ "u p>agraph 7#a71 ! ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate may ga!r & compile in=mation f a v>iety ( s\rces1 includ+ exam9ation reports conc]n+ cov]$ p]sons or s]vice provid]s1 consum] compla9ts1 volunt>y surveys & volunt>y int]views ( consum]s1 surveys & int]views ) cov]$ p]sons & s]vice provid]s1 & review ( available databases4 7#c7 ,au?ority to require reports & o!r in=mation ,! ,director %all1 ^u ! recomm5dation ( ! ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate1 require cov]$ p]sons & s]vice provid]s p>ticipat+ 9 consum] f9ancial s]vices m>kets to file ) ! ,bureau1 "u oa? or o!rwise1 9 su* =m & )9 su* reasonable p]iod ( "t z ! ,bureau may prescribe by rule or ord]1 annual or special reports1 answ]s 9 writ+ to specific que/ions1 or o!r in=mation describ$ "u section #ajbb7;c77#d74 7#d7 ,limitation ,! ,bureau may n use its au?orities "u ?is subsection to obta9 records f cov]$ p]sons & s]vice provid]s p>ticipat+ 9 consum] f9ancial s]vices m>kets = purposes ( ga!r+ or analyz+ ! p]sonally id5tifiable f9ancial in=mation ( consum]s4 7g7 ,def9itions ,= purposes ( ?is section3 7#a7 ,appropriate congressional committees ,! t]m appropriate congressional committees means ! ,committees on ,education & ,labor & ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committees on ,bank+1 ,h\s+1 & ,urban ,affairs & ,heal?1 ,education1 ,labor & ,p5sions ( ! ,s5ate4 7#b7 ,tru? 9 ,l5d+ ,act t]ms ,! t]ms private education loan & in/itution ( high] education h ! mean+s giv5 ^? t]ms1 respectively1 "u section #adj ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afej74 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts "u section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$1 9 ! item relat+ to section #ajce1 by /rik+ ,private ,education ,loan ,ombudsman & ins]t+ ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate4 #c4 ,duties ( ! ,dep>tm5t ( ,education ,"p ,d ( title ,i ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajah et seq47 is am5d$ by add+ at ! end ! foll[+3 #add4 ,memor&um ( und]/&+ ) ! ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate ,n lat] ?an ! end ( ! #fj-;day p]iod beg9n+ on ! date ( enactm5t ( ?is section1 ! ,secret>y ( ,education1 ! ,*ief ,op]at+ ,(fic] appo9t$ "u section #ada7;d71 & ! ,/ud5t ,loan ,ombudsman appo9t$ "u section #ada7;f7 %all ent] into a memor&um ( und]/&+ ) ! ,assi/ant ,director & ,/ud5t ,loan ,borr[] ,advocate ( ! ,bureau ( ,consum] ,f9ancial ,protection t-- 7#a7 ensures coord9ation 9 provid+ assi/ance to & s]v+ borr[]s seek+ to resolve compla9ts relat$ to _! private education loans or loans made1 insur$1 or gu>ante$ "u title ,,iv2 & 7#b7 au?orizes ! ,bureau to access all relevant ,dep>tm5t in=mation sy/ems1 records1 & data1 includ+ any relevant in=mation sy/ems1 records1 or data ma9ta9$ by contractors ( ! ,dep>tm5t4 4