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US HB7671
Bill
Status
2/25/2026
Primary Sponsor
Suzanne Bonamici
Click for details
AI Summary
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Creates a new position of Assistant Director and Student Loan Borrower Advocate at the Consumer Financial Protection Bureau (CFPB), who must enter into a memorandum of understanding with the Department of Education within 60 days to coordinate assistance for student loan borrowers
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Establishes an Office for Students and Young Consumers within the CFPB to develop financial education initiatives and coordinate consumer protection efforts for students and young consumers across federal and state agencies
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Requires the CFPB and Department of Education to share student loan borrower complaints with each other, with complaints about Title IV federal loan servicing or private education loans directed to the other agency within 10 days of receipt
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Mandates annual reports to Congress on the student loan marketplace, campus banking practices and contracts between colleges and financial service providers, and risks to young consumers from financial products and services
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Grants the CFPB access to Department of Education databases and information systems, including contractor data, for research, complaint resolution, enforcement, and rulemaking purposes, with data privacy safeguards required through memoranda of understanding
Legislative Description
Students and Young Consumers Empowerment Act
Last Action
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.
2/25/2026