H.R. 5294 · 116th Congress
Student Borrower Protections Act of 2019
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
AdamsSponsor2 cosponsors · 2 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Dec 4, 2019
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Student Borrower Protections Act of 2019
Latest action (Dec 11, 2019): Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 26.
Policy area: Education · Origin: House · Introduced: Dec 4, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.