To provide a framework for the Bureau of Consumer Financial Protection and the Department of Education to coordinate in providing assistance to and serving borrowers seeking to resolve complaints related to their private education or Federal student loans, and for other purposes.
About This Bill
Committee
Latest Action · February 14, 2024
Referred to the Committee on Education and the Workforce, and in addition to the Committees on Financial Services, and Ways and Means, 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.
This bill establishes a formal coordination framework between the Consumer Financial Protection Bureau (CFPB) and the Department of Education to better serve student loan borrowers dealing with complaints. The two agencies would share information about examinations and oversight activities, meet quarterly to discuss complaint patterns, and exchange student loan borrower complaints within ten days of receiving them. The CFPB would gain the authority to handle complaints about private education loans and federal student loan servicing, while the Department of Education would lead on program-level issues, with the CFPB providing expertise on consumer protection law violations. Both agencies must establish data privacy safeguards and memoranda of understanding to protect sensitive borrower information, and each agency would cover its own operational costs. The bill does not provide specific funding but allows the agencies to transfer funds between themselves through separate agreements if needed to implement the coordination requirements.
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