CFPB Student Loan Integrity and Transparency Act
The source supplies the latest action, but no lifecycle stage.
Latest action (14 Feb 2024): Referred to the Committee on Education and the 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.
What this bill does
H.R. 7359, the CFPB Student Loan Integrity and Transparency Act, would establish a formal framework for coordination between the Consumer Financial Protection Bureau (CFPB) and the Department of Education on student loan oversight. It would require the two agencies to designate points of contact, share examination and complaint schedules, meet quarterly, and transfer borrower complaints to each other, generally within 10 days for complaints involving federal (Title IV) loan servicing or private education loans. It also directs the agencies to share databases and other information, sets data-privacy and confidentiality safeguards, allows limited redisclosure of certain tax return information to the CFPB, and requires Title IV loan servicers to provide data to the CFPB upon request. The bill assigns specific complaint-handling responsibilities to each agency depending on whether a complaint involves federal loans, private loans, or both.
The bill would primarily affect federal agencies—the CFPB and Department of Education—along with student loan servicers and borrowers with federal or private education loans, by clarifying how complaints are routed, tracked, and resolved between agencies.
The bill was introduced on February 14, 2024, by Rep. Katie Porter and referred to the House Committees on Education and the Workforce, Financial Services, and Ways and Means. It did not receive a vote before the end of the 118th Congress, so no further action occurred; it would need to be reintroduced in a future Congress to be considered again.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
14 Feb 2024
Referred to the Committee on Education and the 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.
Common questions
- What does H.R. 7359 do?
- H.R. 7359, the CFPB Student Loan Integrity and Transparency Act, would establish a formal framework for coordination between the Consumer Financial Protection Bureau (CFPB) and the Department of Education on student loan oversight. It would require the two agencies to designate points of contact, share examination and complaint schedules, meet quarterly, and transfer borrower complaints to each other, generally within 10 days for complaints involving federal (Title IV) loan servicing or private education loans. It also directs the agencies to share databases and other information, sets data-privacy and confidentiality safeguards, allows limited redisclosure of certain tax return information to the CFPB, and requires Title IV loan servicers to provide data to the CFPB upon request. The bill assigns specific complaint-handling responsibilities to each agency depending on whether a complaint involves federal loans, private loans, or both. The bill would primarily affect federal agencies—the CFPB and Department of Education—along with student loan servicers and borrowers with federal or private education loans, by clarifying how complaints are routed, tracked, and resolved between agencies. The bill was introduced on February 14, 2024, by Rep. Katie Porter and referred to the House Committees on Education and the Workforce, Financial Services, and Ways and Means. It did not receive a vote before the end of the 118th Congress, so no further action occurred; it would need to be reintroduced in a future Congress to be considered again.
- Has H.R. 7359 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 7359. Check the latest action and official source below.
- Who sponsored H.R. 7359?
- H.R. 7359 was sponsored by Rep. Porter, Katie [D-CA-47] (D-CA), with 9 cosponsors.
- What's the latest action on H.R. 7359?
- Referred to the Committee on Education and the 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. (14 Feb 2024).
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