CFPB Student Loan Integrity and Transparency Act of 2022

Bill 117 hr 7729, also known as the CFPB Student Loan Integrity and Transparency Act of 2022, aims to increase transparency and accountability in the student loan industry. The bill was introduced in the House of Representatives on January 3, 2022, and is currently under consideration by the Committee on Financial Services.

The main provisions of the bill include requiring the Consumer Financial Protection Bureau (CFPB) to establish a student loan ombudsman program to assist borrowers with complaints and disputes related to their student loans. The ombudsman would also be responsible for monitoring and reporting on the practices of student loan servicers to ensure they are acting in the best interest of borrowers.

Additionally, the bill would require student loan servicers to provide clear and accurate information to borrowers about their repayment options, including income-driven repayment plans and loan forgiveness programs. Servicers would also be required to notify borrowers of any changes to their loan terms or repayment options in a timely manner. Furthermore, the bill would establish a student loan borrower education program to help borrowers better understand their rights and responsibilities when it comes to repaying their student loans. This program would provide resources and information to help borrowers make informed decisions about their student loan repayment options. Overall, the CFPB Student Loan Integrity and Transparency Act of 2022 seeks to protect student loan borrowers from predatory practices and ensure they have access to the information and resources they need to successfully repay their loans.