To amend the Truth in Lending Act to establish a postsecondary education loan borrower bill of rights and to require certain creditors to obtain private loan certifications from institutions of higher education, to amend the Fair Credit Reporting Act to require the Bureau of Consumer Financial Protection to issue rules to establish standards for reporting information related to student loans to consumer reporting agencies, and for other purposes.
Student Borrower Protections Act of 2019
This bill places requirements on lenders, servicers, or assignees of postsecondary education loans, establishes standards for reporting student loan information to consumer reporting agencies, and requires certification of certain educational lenders.
Specifically, the bill establishes rules for lenders, servicers, or assignees of postsecondary education loans, including requirements related to (1) the sale, transfer, or assignment of such loans; (2) interest rate and term changes for such loans; (3) payment information required to be included with each billing cycle; and (4) application and allocation of payments.
The Consumer Financial Protection Bureau (CFPB) must develop and issue model forms to allow borrowers to compare alternative repayment options, forbearance, and deferment options. The CFPB must also establish a student loan servicing interagency working group, which shall make recommendations for the regulations required under the bill.
Further, the CFPB must issue rules to establish standards for the furnishing of information related to student loans to a consumer reporting agency, and any furnisher of such information must comply with such rules.
A private educational lender must, in general, obtain a private loan certification from an institution of higher education before consummating any loan with a student attending such institution.
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on Education and Labor, 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.
Referred to the Committee on Financial Services, and in addition to the Committee on Education and Labor, 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.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 26.
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