Referred to the Committee on Education and 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.
H.R. 7671, the Students and Young Consumers Empowerment Act, creates a new Assistant Director position and Office for Students and Young Consumers within the Consumer Financial Protection Bureau (CFPB) to handle student loan complaints and protect young consumers' financial interests. The bill requires the CFPB and Department of Education to share consumer complaints within 10 days and coordinate on resolving complaints related to both federal and private student loans, with the CFPB taking the lead on private loans while Education handles federal Title IV loans. The Assistant Director must produce annual reports to Congress on student loan marketplace risks, campus banking arrangements, and other financial threats to young consumers, and agencies must complete initial coordination within 60 days. The legislation includes data privacy protections and requires loan servicers to provide information requested by the CFPB, with each agency responsible for its own compliance costs.
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