I 

116TH CONGRESS 

1ST SESSION H. R. 3547 

To amend the Consumer Financial Protection Act of 2010 to establish the 

position of the Assistant Director and Student Loan Borrower Advocate 

of the Bureau of Consumer Financial Protection, to establish the Office 

for Students and Young Consumers of the Bureau, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 27, 2019 

Ms. BONAMICI (for herself and Ms. PORTER) introduced the following bill; 

which was referred to the Committee on Education and Labor, and in 

addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, 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 2010 

to establish the position of the Assistant Director and 

Student Loan Borrower Advocate of the Bureau of Consumer Financial Protection, to establish the Office for 

Students and Young Consumers of the Bureau, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Students and Young 

3 Consumers Empowerment Act’’. 

4 SEC. 2. ASSISTANT DIRECTOR AND STUDENT LOAN BOR5 ROWER ADVOCATE. 

6 (a) IN GENERAL.—Section 1035 of the Consumer Fi7 nancial Protection Act of 2010 (12 U.S.C. 5535) is 

8 amended to read as follows: 

9 ‘‘SEC. 1035. ASSISTANT DIRECTOR AND STUDENT LOAN 

10 BORROWER ADVOCATE. 

11 ‘‘(a) ESTABLISHMENT.—There is established the po12 sition of Assistant Director and Student Loan Borrower 

13 Advocate, who shall be appointed by the Director. 

14 ‘‘(b) DUTIES.—The Assistant Director and Student 

15 Loan Borrower Advocate shall— 

16 ‘‘(1) serve as the head of the Office for Stu17 dents and Young Consumers established under sub18 section (e); 

19 ‘‘(2) not later than the end of the 60-day period 

20 beginning on the date of enactment of this section, 

21 enter into a memorandum of understanding with the 

22 Secretary of Education, the Chief Operating Officer 

23 appointed under section 141(d) of the Higher Edu24 cation Act of 1965 (20 U.S.C. 1018(d)), and the 

25 Student Loan Ombudsman appointed under section 


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1 141(f) of the Higher Education Act of 1965 (20 

2 U.S.C. 1018(f)) that— 

3 ‘‘(A) ensures coordination in providing as4 sistance to and serving borrowers seeking to re5 solve complaints related to their private edu6 cation or Federal student loans; 

7 ‘‘(B) authorizes the Bureau to access all 

8 relevant Department of Education information 

9 systems, records, and data, including any rel10 evant information systems, records, or data 

11 maintained by contractors of the Department of 

12 Education; 

13 ‘‘(3) accept and attempt to resolve complaints 

14 from borrowers with both private education loans 

15 and Federal student loans, including complaints 

16 against lenders, servicers, and debt collectors; and 

17 ‘‘(4) carry out such other duties as the Director 

18 may determine appropriate. 

19 ‘‘(c) NOTIFICATION TO CONGRESS.—The Director 

20 shall provide written notice and an explanation to the ap21 propriate congressional committees, if— 

22 ‘‘(1) the position of the Assistant Director and 

23 Student Loan Borrower Advocate has been vacant 

24 for a period of 60 days or more; or 


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1 ‘‘(2) the memorandum of understanding re2 quired under subsection (b)(2) has lapsed for a pe3 riod of 60 days or more. 

4 ‘‘(d) REPORTS.— 

5 ‘‘(1) ANNUAL REPORT ON THE STUDENT LOAN

6 MARKETPLACE.—The Assistant Director and Stu7 dent Loan Borrower Advocate shall— 

8 ‘‘(A) compile and analyze complaints from 

9 borrowers with Federal student loans or private 

10 education loans; 

11 ‘‘(B) not less than once per year, submit a 

12 report to Congress summarizing the activities of 

13 the Assistant Director and Student Loan Bor14 rower Advocate in the previous year and includ15 ing an independent evaluation of risks to con16 sumers posed by policies and practices in the 

17 student loan marketplace; and 

18 ‘‘(C) as part of each report submitted in 

19 accordance with subparagraph (B), and any 

20 other time deemed prudent by the Student 

21 Loan Borrower Advocate, make recommenda22 tions to the Director, the Secretary of the 

23 Treasury, the Secretary of Education, and the 

24 appropriate congressional committees to adVerDate Sep 11 2014 03:53 Jul 09, 2019 Jkt 034408 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H3547.IH H3547

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1 dress risk to student loan borrowers and 

2 strengthen the student loan marketplace. 

3 ‘‘(2) ANNUAL REPORT ON CAMPUS BANKING.— 

4 Not less than once per year, the Assistant Director 

5 and Student Loan Borrower Advocate shall issue a 

6 report to the appropriate congressional committees 

7 analyzing the use of consumer financial products 

8 and services by students enrolled at institutions of 

9 higher education, including an evaluation of con10 tracts and other financial arrangements between in11 stitutions of higher education and providers of con12 sumer financial products and services, including an 

13 evaluation of revenue sharing provisions, marketing 

14 provisions, and fees assessed to students who use 

15 such products and services. 

16 ‘‘(3) REPORT ON RISKS TO YOUNG CON17 SUMERS.—Not less than once per year, the Assistant 

18 Director and Student Loan Borrower Advocate shall 

19 issue a report to the appropriate congressional com20 mittees containing an analysis of complaints sub21 mitted to the Bureau by young consumers during 

22 the previous year and offering an independent eval23 uation of risks to consumers posed by policies and 

24 practices in the marketplace for consumer financial 

25 products and services. 


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1 ‘‘(e) OFFICE FOR STUDENTS AND YOUNG CON2 SUMERS.—There is established an Office for Students and 

3 Young Consumers, which shall be responsible for devel4 oping and implementing initiatives for students, young 

5 consumers, and their families intended to— 

6 ‘‘(1) educate and empower students, young con7 sumers, and their families to make better informed 

8 decisions regarding consumer financial products and 

9 services; and 

10 ‘‘(2) coordinate efforts among Federal and 

11 State agencies, as appropriate, regarding consumer 

12 protection measures relating to consumer financial 

13 products and services offered to, or used by, stu14 dents, young consumers, and their families. 

15 ‘‘(f) COLLECTION OF INFORMATION; MARKET MONI16 TORING.— 

17 ‘‘(1) IN GENERAL.—In carrying out this sec18 tion, the Assistant Director and Student Loan Bor19 rower Advocate shall have the authority to gather in20 formation from time to time regarding the organiza21 tion, business conduct, markets, and activities of 

22 covered persons and service providers. 

23 ‘‘(2) SOURCES OF INFORMATION.—In gathering 

24 information described under paragraph (1), the As25 sistant Director and Student Loan Borrower AdvoVerDate Sep 11 2014 03:53 Jul 09, 2019 Jkt 034408 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H3547.IH H3547

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1 cate may gather and compile information from a va2 riety of sources, including examination reports con3 cerning covered persons or service providers, con4 sumer complaints, voluntary surveys and voluntary 

5 interviews of consumers, surveys and interviews with 

6 covered persons and service providers, and review of 

7 available databases. 

8 ‘‘(3) AUTHORITY TO REQUIRE REPORTS AND

9 OTHER INFORMATION.—The Director shall, upon the 

10 recommendation of the Assistant Director and Stu11 dent Loan Borrower Advocate, require covered per12 sons and service providers participating in consumer 

13 financial services markets to file with the Bureau, 

14 under oath or otherwise, in such form and within 

15 such reasonable period of time as the Bureau may 

16 prescribe by rule or order, annual or special reports, 

17 answers in writing to specific questions, or other in18 formation described under section 1022(c)(4). 

19 ‘‘(4) LIMITATION.—The Bureau may not use 

20 its authorities under this subsection to obtain 

21 records from covered persons and service providers 

22 participating in consumer financial services markets 

23 for purposes of gathering or analyzing the personally 

24 identifiable financial information of consumers. 

25 ‘‘(g) DEFINITIONS.—For purposes of this section: 


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1 ‘‘(1) APPROPRIATE CONGRESSIONAL COMMIT2 TEES.—The term ‘appropriate congressional com3 mittees’ means the Committees on Education and 

4 Labor and Financial Services of the House of Rep5 resentatives and the Committees on Banking, Hous6 ing, and Urban Affairs and Health, Education, 

7 Labor and Pensions of the Senate. 

8 ‘‘(2) TRUTH IN LENDING ACT TERMS.—The 

9 terms ‘private education loan’ and ‘institution of 

10 higher education’ have the meanings given those 

11 terms, respectively, under section 140 of the Truth 

12 in Lending Act (15 U.S.C. 1650).’’. 

13 (b) CLERICAL AMENDMENT.—The table of contents 

14 under section 1(b) of the Dodd-Frank Wall Street Reform 

15 and Consumer Protection Act is amended, in the item re16 lating to section 1035, by striking ‘‘Private Education 

17 Loan Ombudsman’’ and inserting ‘‘Assistant Director and 

18 Student Loan Borrower Advocate’’. 

19 SEC. 3. DUTIES OF THE DEPARTMENT OF EDUCATION. 

20 Part D of title I of the Higher Education Act of 1965 

21 (20 U.S.C. 1018 et seq.) is amended by adding at the end 

22 the following: 


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1 ‘‘SEC. 144. MEMORANDUM OF UNDERSTANDING WITH THE 

2 ASSISTANT DIRECTOR AND STUDENT LOAN 

3 BORROWER ADVOCATE. 

4 ‘‘Not later than the end of the 60-day period begin5 ning on the date of enactment of this section, the Sec6 retary of Education, the Chief Operating Officer ap7 pointed under section 141(d), and the Student Loan Om8 budsman appointed under section 141(f) shall enter into 

9 a memorandum of understanding with the Assistant Di10 rector and Student Loan Borrower Advocate of the Bu11 reau of Consumer Financial Protection that— 

12 ‘‘(1) ensures coordination in providing assist13 ance to and serving borrowers seeking to resolve 

14 complaints related to their private education loans or 

15 loans made, insured, or guaranteed under title IV; 

16 and 

17 ‘‘(2) authorizes the Bureau to access all rel18 evant Department information systems, records, and 

19 data, including any relevant information systems, 

20 records, or data maintained by contractors of the 

21 Department.’’. 

Æ 


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