SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Students and Young 
Consumers Empowerment Act’’. 
SEC. 2. ASSISTANT DIRECTOR AND STUDENT LOAN BOR-
ROWER ADVOCATE. 
(a) IN GENERAL.—Section 1035 of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 5535) is 
amended to read as follows: 
‘‘SEC. 1035. ASSISTANT DIRECTOR AND STUDENT LOAN 
BORROWER ADVOCATE. 
‘‘(a) ESTABLISHMENT.—There is established the po-
sition of Assistant Director and Student Loan Borrower 
Advocate, who shall be appointed by the Director. 
‘‘(b) DUTIES.—The Assistant Director and Student 
Loan Borrower Advocate shall— 
‘‘(1) serve as the head of the Office for Stu-
dents and Young Consumers established under sub-
section (e); 
‘‘(2) not later than the end of the 60-day period 
beginning on the date of enactment of this section, 
enter into a memorandum of understanding with the 
Secretary of Education, the Chief Operating Officer 
appointed under section 141(d) of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1018(d)), and the 
Student Loan Ombudsman appointed under section 
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141(f) of the Higher Education Act of 1965 (20 
U.S.C. 1018(f)) that— 
‘‘(A) ensures coordination in providing as-
sistance to and serving borrowers seeking to re-
solve complaints related to their private edu-
cation or Federal student loans; 
‘‘(B) authorizes the Bureau to access all 
relevant Department of Education information 
systems, records, and data, including any rel-
evant information systems, records, or data 
maintained by contractors of the Department of 
Education; 
‘‘(3) accept and attempt to resolve complaints 
from borrowers with both private education loans 
and Federal student loans, including complaints 
against lenders, servicers, and debt collectors; and 
‘‘(4) carry out such other duties as the Director 
may determine appropriate. 
‘‘(c) NOTIFICATION
TO CONGRESS.—The Director 
shall provide written notice and an explanation to the ap-
propriate congressional committees, if— 
‘‘(1) the position of the Assistant Director and 
Student Loan Borrower Advocate has been vacant 
for a period of 60 days or more; or 
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‘‘(2) the memorandum of understanding re-
quired under subsection (b)(2) has lapsed for a pe-
riod of 60 days or more. 
‘‘(d) REPORTS.— 
‘‘(1) ANNUAL REPORT ON THE STUDENT LOAN 
MARKETPLACE.—The Assistant Director and Stu-
dent Loan Borrower Advocate shall— 
‘‘(A) compile and analyze complaints from 
borrowers with Federal student loans or private 
education loans; 
‘‘(B) not less than once per year, submit a 
report to Congress summarizing the activities of 
the Assistant Director and Student Loan Bor-
rower Advocate in the previous year and includ-
ing an independent evaluation of risks to con-
sumers posed by policies and practices in the 
student loan marketplace; and 
‘‘(C) as part of each report submitted in 
accordance with subparagraph (B), and any 
other time deemed prudent by the Student 
Loan Borrower Advocate, make recommenda-
tions to the Director, the Secretary of the 
Treasury, the Secretary of Education, and the 
appropriate congressional committees to ad-
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dress risk to student loan borrowers and 
strengthen the student loan marketplace. 
‘‘(2) ANNUAL REPORT ON CAMPUS BANKING.— 
Not less than once per year, 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 education, including an evaluation of con-
tracts and other financial arrangements between in-
stitutions of higher education and providers of con-
sumer financial products and services, including an 
evaluation of revenue sharing provisions, marketing 
provisions, and fees assessed to students who use 
such products and services. 
‘‘(3) REPORT
ON
RISKS
TO
YOUNG
CON-
SUMERS.—Not less than once per year, the Assistant 
Director and Student Loan Borrower Advocate shall 
issue a report to the appropriate congressional com-
mittees containing an analysis of complaints sub-
mitted to the Bureau by young consumers during 
the previous year and offering an independent eval-
uation of risks to consumers posed by policies and 
practices in the marketplace for consumer financial 
products and services. 
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‘‘(e) OFFICE
FOR STUDENTS
AND YOUNG CON-
SUMERS.—There is established an Office for Students and 
Young Consumers, which shall be responsible for devel-
oping and implementing initiatives for students, young 
consumers, and their families intended to— 
‘‘(1) educate and empower students, young con-
sumers, and their families to make better informed 
decisions regarding consumer financial products and 
services; and 
‘‘(2) coordinate efforts among Federal and 
State agencies, as appropriate, regarding consumer 
protection measures relating to consumer financial 
products and services offered to, or used by, stu-
dents, young consumers, and their families. 
‘‘(f) COLLECTION OF INFORMATION; MARKET MONI-
TORING.— 
‘‘(1) IN GENERAL.—In carrying out this sec-
tion, the Assistant Director and Student Loan Bor-
rower Advocate shall have the authority to gather in-
formation from time to time regarding the organiza-
tion, business conduct, markets, and activities of 
covered persons and service providers. 
‘‘(2) SOURCES OF INFORMATION.—In gathering 
information described under paragraph (1), the As-
sistant Director and Student Loan Borrower Advo-
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cate may gather and compile information from a va-
riety of sources, including examination reports con-
cerning covered persons or service providers, con-
sumer complaints, voluntary surveys and voluntary 
interviews of consumers, surveys and interviews with 
covered persons and service providers, and review of 
available databases. 
‘‘(3) AUTHORITY
TO
REQUIRE
REPORTS
AND 
OTHER INFORMATION.—The Director shall, upon the 
recommendation of the Assistant Director and Stu-
dent Loan Borrower Advocate, require covered per-
sons and service providers participating in consumer 
financial services markets to file with the Bureau, 
under oath or otherwise, in such form and within 
such reasonable period of time as the Bureau may 
prescribe by rule or order, annual or special reports, 
answers in writing to specific questions, or other in-
formation described under section 1022(c)(4). 
‘‘(4) 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 consumers. 
‘‘(g) DEFINITIONS.—For purposes of this section: 
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‘‘(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘appropriate congressional com-
mittees’ means the Committees on Education and 
Labor and Financial Services of the House of Rep-
resentatives and the Committees on Banking, Hous-
ing, and Urban Affairs and Health, Education, 
Labor and Pensions of the Senate. 
‘‘(2) TRUTH
IN
LENDING
ACT
TERMS.—The 
terms ‘private education loan’ and ‘institution of 
higher education’ have the meanings given those 
terms, respectively, under section 140 of the Truth 
in Lending Act (15 U.S.C. 1650).’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
under section 1(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended, in the item re-
lating to section 1035, by striking ‘‘Private Education 
Loan Ombudsman’’ and inserting ‘‘Assistant Director and 
Student Loan Borrower Advocate’’. 
SEC. 3. DUTIES OF THE DEPARTMENT OF EDUCATION. 
Part D of title I of the Higher Education Act of 1965 
(20 U.S.C. 1018 et seq.) is amended by adding at the end 
the following: 
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‘‘SEC. 144. MEMORANDUM OF UNDERSTANDING WITH THE 
ASSISTANT DIRECTOR AND STUDENT LOAN 
BORROWER ADVOCATE. 
‘‘Not later than the end of the 60-day period begin-
ning on the date of enactment of this section, the Sec-
retary of Education, the Chief Operating Officer ap-
pointed under section 141(d), and the Student Loan Om-
budsman appointed under section 141(f) shall enter into 
a memorandum of understanding with the Assistant Di-
rector and Student Loan Borrower Advocate of the Bu-
reau of Consumer Financial Protection that— 
‘‘(1) ensures coordination in providing assist-
ance to and serving borrowers seeking to resolve 
complaints related to their private education loans or 
loans made, insured, or guaranteed under title IV; 
and 
‘‘(2) authorizes the Bureau to access all rel-
evant Department information systems, records, and 
data, including any relevant information systems, 
records, or data maintained by contractors of the 
Department.’’. 
Æ 
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