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Student Borrower Protections Act of 2019

Introduced: December 4, 2019 Introduced by: Adams, Alma S. Democratic · North Carolina See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 11, 2019
Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 26.
Dec 11, 2019
Committee Consideration and Mark-up Session Held.
Dec 10, 2019
Committee Consideration and Mark-up Session Held.
Dec 4, 2019
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.
Dec 4, 2019
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now December 11, 2019

Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 26.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 2