Students and Young Consumers Empowerment Act
Rep. Bonamici Introduces Bill to Create Student Loan Advocate and Boost Oversight
Legislative Progress
Key Points
- This bill creates a new Student Loan Borrower Advocate at the Consumer Financial Protection Bureau. This person's main job is to help students and families who are having trouble with their loans, whether those loans are from the government or a private bank.
- It requires the Consumer Financial Protection Bureau and the Department of Education to share data and work together. Right now, these agencies often handle different parts of the loan system; this bill makes sure they talk to each other so borrowers do not get stuck in the middle of a bureaucratic mess.
- The government would start tracking campus banking more closely. This means they will look at the deals colleges make with banks to offer credit cards or accounts to students, checking for high fees or unfair marketing that targets young people.
- The new office will release yearly reports on the risks young people face when borrowing money. These reports will look at how loan companies and debt collectors are behaving and recommend new laws or rules to protect students from being treated unfairly.
Impact Analysis
Personal Impact
Life & Work
The bill creates a new senior position (Assistant Director and Student Loan Borrower Advocate) at the CFPB, along with a new Office for Students and Young Consumers. Staff at both the CFPB and Department of Education would take on new coordination duties, including quarterly meetings, complaint sharing within 10-day deadlines, and joint data access arrangements. This adds workload but also creates new roles and career opportunities within both agencies.
Programs
Broader Impacts
Milestones
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.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
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News
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Source Information
Document Type
Congressional Bill
Official Title
Students and Young Consumers Empowerment Act
Data Sources
Sponsor
Cosponsors
(4)Analysis generated by AI. Always verify with official sources.