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Congress·In Committee·H.R. 7671

Rep. Bonamici Introduces Bill to Create Student Loan Advocate and Boost Oversight

Students and Young Consumers Empowerment Act

17 days ago·View on Congress.gov

Legislative Progress

House
Senate
President
Law

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.
EducationEconomy Finance

Impact Analysis

Personal Impact

Scores: 1 = low, 5 = highSentiment: -5 to +5 (net benefit)

Broader Impacts

Score
Scores: -5 (harmful) to +5 (beneficial)Short-term: 0-2 yearsLong-term: 10-30 years

Milestones

2 milestones2 actions
Feb 25, 2026House

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.

Feb 25, 2026

Introduced in House

What Happens Next

Projected impacts based on AI analysis

60 days after enactment

Memorandum of understanding between CFPB and Department of Education must be signed

Within 60 days of enactment, the two agencies would have to formally agree on how they share borrower data and coordinate complaint resolution, setting the stage for better service to borrowers.

Within one year of enactment

First annual reports on student loan risks, campus banking, and young consumer complaints are due

Within the first year, the new Borrower Advocate would publish reports analyzing complaints, risks in the student loan market, campus banking arrangements, and problems young consumers face — giving the public and Congress a clearer picture of what's going wrong.

Source Information

Document Type

Congressional Bill

Official Title

Students and Young Consumers Empowerment Act

Bill NumberHR 7671
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred 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.

Sponsor

Cosponsors

(4)
D: 4

Analysis generated by AI. Always verify with official sources.