3.0.0 5294 2022-10-28T01:46:07Z 2022-10-28T01:46:07Z House HR 2019-12-04 116 [Congressional Record Volume 165, Number 193 (Wednesday, December 4, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. ADAMS:H.R. 5294.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8[Page H9256]]]> hsba00 Financial Services Committee House Standing Markup by 2019-12-11T16:08:18Z Referred to 2019-12-04T15:00:45Z hsed00 Education and the Workforce Committee House Standing Referred to 2019-12-04T15:00:50Z Student Loan Borrower Bill of Rights 116 1354 S 2019-05-07 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Related bill CRS 2019-12-11 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 26. Committee 2019-12-11 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2019-12-10 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2019-12-04 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. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2019-12-04 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. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2019-12-04 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-12-04 Introduced in House IntroReferral 1000 9 Library of Congress A000370 Rep. Adams, Alma S. [D-NC-12] Alma Adams D NC S. 12 N C001061 Rep. Cleaver, Emanuel [D-MO-5] Emanuel Cleaver D MO 5 2019-12-09 False P000034 Rep. Pallone, Frank, Jr. [D-NJ-6] FRANK PALLONE D NJ 6 2020-06-25 False Education Administrative law and regulatory procedures Advisory bodies Banking and financial institutions regulation Congressional oversight Consumer Financial Protection Bureau Consumer affairs Consumer credit Credit and credit markets Government information and archives Government lending and loan guarantees Higher education Interest, dividends, interest rates Licensing and registrations Student aid and college costs Veterans' education, employment, rehabilitation Education 00 2019-12-04 Introduced in House 2021-01-06T18:28:22Z 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.

]]> Student Borrower Protections Act of 2019 Display Title Student Borrower Protections Act of 2019 Official Title as Introduced 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. Introduced in House IH Short Title(s) as Introduced Student Borrower Protections Act of 2019 Introduced in House IH Introduced in House 2019-12-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr5294ih/xml/BILLS-116hr5294ih.xml 2019-12-11 Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 26. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.