S.Amdt. 2130

SA 2130. Mr. REED submitted an amendment intended to be proposed by
him to the bill S. 2155, to promote economic growth, provide tailored
regulatory relief, and enhance consumer protections, and for other
purposes; which was ordered to lie on the table; as follows:

At the end of title III, add the following:

SEC. 308. EDUCATION LOAN OMBUDSMAN.

Section 1035 of the Consumer Financial Protection Act of
2010 (12 U.S.C. 5535) is amended--
(1) in the section heading, by striking ``private'';
(2) in subsection (a)--
(A) by striking ``a Private'' and inserting ``an''; and
(B) by striking ``private'';
(3) in subsection (b), by striking ``private education
student loan'' and inserting ``education loan'';

[[Page S1493]]

(4) in subsection (c)--
(A) in the matter preceding paragraph (1), by striking
``subsection'' and inserting ``section'';
(B) in paragraph (1), by striking ``private'';
(C) by striking paragraph (2) and inserting the following:
``(2) coordinate with the unit of the Bureau established
under section 1013(b)(3), in order to monitor complaints by
education loan borrowers and responses to those complaints by
the Bureau or other appropriate Federal or State agency;'';
and
(D) in paragraph (3), by striking ``private'';
(5) in subsection (d)--
(A) in paragraph (2)--
(i) by striking ``on the same day annually''; and
(ii) by inserting ``and be made available to the public''
after ``Representatives''; and
(B) by adding at the end the following:
``(3) Contents.--The report required under paragraph (1)
shall include information on the number, nature, and
resolution of complaints received, disaggregated by lender,
servicer, region, State, and institution of higher
education.''; and
(6) by striking subsection (e) and inserting the following:
``(e) Definitions.--In this section:
``(1) Education loan.--The term `education loan' means--
``(A) a private education loan, as defined in section 140
of the Truth in Lending Act (15 U.S.C.1650); and
``(B) a student loan made, insured, or guaranteed under
title IV of the Higher Education Act of 1965 (20 U.S.C. 1070
et seq.).
``(2) Institution of higher education.--The term
`institution of higher education' has the meaning given the
term in section 140 of the Truth in Lending Act (15 U.S.C.
1650).''.
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