2014 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 53 - Wall Street Reform and Consumer Protection (Sections 5301 - 5641)
Subchapter V - Bureau of Consumer Financial Protection (Sections 5481 - 5603)
Part C - Specific Bureau Authorities (Sections 5531 - 5538)
Sec. 5535 - Private Education Loan Ombudsman
Publication Title | United States Code, 2012 Edition, Supplement 2, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 53 - WALL STREET REFORM AND CONSUMER PROTECTION SUBCHAPTER V - BUREAU OF CONSUMER FINANCIAL PROTECTION Part C - Specific Bureau Authorities Sec. 5535 - Private Education Loan Ombudsman |
Contains | section 5535 |
Date | 2014 |
Laws In Effect As Of Date | January 5, 2015 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 111-203, title X, §1035, July 21, 2010, 124 Stat. 2009. |
Statutes at Large Reference | 124 Stat. 2009 |
Public and Private Law | Public Law 111-203 |
Congressional Bill | H. Res.5 112th Congress |
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The Secretary, in consultation with the Director, shall designate a Private Education Loan Ombudsman (in this section referred to as the "Ombudsman") within the Bureau, to provide timely assistance to borrowers of private education loans.
(b) Public informationThe Secretary and the Director shall disseminate information about the availability and functions of the Ombudsman to borrowers and potential borrowers, as well as institutions of higher education, lenders, guaranty agencies, loan servicers, and other participants in private education student loan programs.
(c) Functions of OmbudsmanThe Ombudsman designated under this subsection shall—
(1) in accordance with regulations of the Director, receive, review, and attempt to resolve informally complaints from borrowers of loans described in subsection (a), including, as appropriate, attempts to resolve such complaints in collaboration with the Department of Education and with institutions of higher education, lenders, guaranty agencies, loan servicers, and other participants in private education loan programs;
(2) not later than 90 days after the designated transfer date, establish a memorandum of understanding with the student loan ombudsman established under section 1018(f) of title 20, to ensure coordination in providing assistance to and serving borrowers seeking to resolve complaints related to their private education or Federal student loans;
(3) compile and analyze data on borrower complaints regarding private education loans; and
(4) make appropriate recommendations to the Director, the Secretary, the Secretary of Education, the Committee on Banking, Housing, and Urban Affairs and the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Financial Services and the Committee on Education and Labor of the House of Representatives.
(d) Annual reports(1) In generalThe Ombudsman shall prepare an annual report that describes the activities, and evaluates the effectiveness of the Ombudsman during the preceding year.
(2) SubmissionThe report required by paragraph (1) shall be submitted on the same date annually to the Secretary, the Secretary of Education, the Committee on Banking, Housing, and Urban Affairs and the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Financial Services and the Committee on Education and Labor of the House of Representatives.
(e) DefinitionsFor purposes of this section, the terms "private education loan" and "institution of higher education" have the same meanings as in section 1650 of title 15.
(Pub. L. 111–203, title X, §1035, July 21, 2010, 124 Stat. 2009.)
CHANGE OF NAMECommittee on Education and Labor of House of Representatives changed to Committee on Education and the Workforce of House of Representatives by House Resolution No. 5, One Hundred Twelfth Congress, Jan. 5, 2011.
EFFECTIVE DATESection effective on the designated transfer date, see section 1037 of Pub. L. 111–203, set out as a note under section 5531 of this title.
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