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12 U.S.C. § 5551 — Private Education Loan Ombudsman

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5551 — Private Education Loan Ombudsman

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Source location: Title 12, Chapter 53, § 5551; chapter-053-wall-street-reform-and-consumer-protection.md

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**(a) Establishment** The Secretary, in consultation with the Director, shall designate a Private Education Loan Ombudsman (in this section referred to as the “Ombudsman”) within the Bureau, to provide timely assistance to borrowers of private education loans. **(b) Public information** The Secretary and the Director shall disseminate information about the availability and functions of the Ombudsman to borrowers and potential borrowers, as well as institutions of higher education, lenders, guaranty agencies, loan servicers, and other participants in private education student loan programs. **(c) Functions of Ombudsman** The Ombudsman designated under this subsection shall— (1) in accordance with regulations of the Director, receive, review, and attempt to resolve informally complaints from borrowers of loans described in subsection (a), including, as appropriate, attempts to resolve such complaints in collaboration with the Department of Education and with institutions of higher education, lenders, guaranty agencies, loan servicers, and other participants in private education loan programs; (2) not later than 90 days after the designated transfer date, establish a memorandum of understanding with the student loan ombudsman established under [section 1018(f) of title 20](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1018/f&num=0&edition=prelim), to ensure coordination in providing assistance to and serving borrowers seeking to resolve complaints related to their private education or Federal student loans; (3) compile and analyze data on borrower complaints regarding private education loans; and (4) make appropriate recommendations to the Director, the Secretary, the Secretary of Education, the Committee on Banking, Housing, and Urban Affairs and the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Financial Services and the Committee on Education and Labor of the House of Representatives. **(d) Annual reports** (1) **In general** — The Ombudsman shall prepare an annual report that describes the activities, and evaluates the effectiveness of the Ombudsman during the preceding year. (2) **Submission** — The report required by paragraph (1) shall be submitted on the same date annually to the Secretary, the Secretary of Education, the Committee on Banking, Housing, and Urban Affairs and the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Financial Services and the Committee on Education and Labor of the House of Representatives. **(e) Definitions** For purposes of this section, the terms “private education loan” and “institution of higher education” have the same meanings as in [section 1650 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1650&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5531 — Other banks, savings associations, and credit unions

**(a) Scope of coverage** This section shall apply to any covered person that is— (1) an insured depository institution with total assets of $10,000,000,000 or less; or (2) an insured credit union with total assets of $10,000,000,000 or less. **(b) Reports** The Director may require reports from a person described in subsection (a), as necessary to support the role of the Bureau in implementing Federal consumer financial law, to support its examination activities under subsection (c), and to assess and detect risks to consumers and consumer financial markets. (1) **Use of existing reports** — The Bureau shall, to the fullest extent possible, use— (A) reports pertaining to a person described in subsection (a) that have been provided or required to have been provided to a Federal or State agency; and (B) information that has been reported publicly. (2) **Preservation of authority** — Nothing in this subsection may be construed as limiting the authority of the Director from requiring from a person described in subsection (a), as permitted under paragraph (1), information owned or under the control of such person, regardless of whether such information is maintained, stored, or processed by another person. (3) **Reports of tax law noncompliance** — The Bureau shall provide the Commissioner of Internal Revenue with any report of examination or related information identifying possible tax law noncompliance. **(c) Examinations** (1) **In general** — The Bureau may, at its discretion, include examiners on a sampling basis of the examinations performed by the prudential regulator to assess compliance with the requirements of Federal consumer financial law of persons described in subsection (a). (2) **Agency coordination** — The prudential regulator shall— (A) p

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1650 — Preventing unfair and deceptive private educational lending practices and eliminating conflicts of interest

**(a) Definitions** As used in this section— (1) the term “cosigner”— (A) means any individual who is liable for the obligation of another without compensation, regardless of how designated in the contract or instrument with respect to that obligation, other than an obligation under a private education loan extended to consolidate a consumer’s pre-existing private education loans; (B) includes any person the signature of which is requested as condition to grant credit or to forbear on collection; and (C) does not include a spouse of an individual described in subparagraph (A), the signature of whom is needed to perfect the security interest in a loan. (2) the term “covered educational institution”— (A) means any educational institution that offers a postsecondary educational degree, certificate, or program of study (including any institution of higher education); and (B) includes an agent, officer, or employee of the educational institution; (3) the term “gift”— (A) (i) means any gratuity, favor, discount, entertainment, hospitality, loan, or other item having more than a de minimis monetary value, including services, transportation, lodging, or meals, whether provided in kind, by purchase of a ticket, payment in advance, or reimbursement after the expense has been incurred; and (ii) includes an item described in clause (i) provided to a family member of an officer, employee, or agent of a covered educational institution, or to any other individual based on that individual’s relationship with the officer, employee, or agent, if— (I) the item is provided with the knowledge and acquiescence of the officer, employee, or agent; and (II) the officer, employee, or agent has reason to believe the item was provided because of the off

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1465 — State law preemption standards for Federal savings associations clarified

**(a) In general** Any determination by a court or by the Director or any successor officer or agency regarding the relation of State law to a provision of this chapter or any regulation or order prescribed under this chapter shall be made in accordance with the laws and legal standards applicable to national banks regarding the preemption of State law. **(b) Principles of conflict preemption applicable** Notwithstanding the authorities granted under sections 1463 and 1464 of this title, this chapter does not occupy the field in any area of State law. **(c) Visitorial powers** The provisions of sections 11 So in original. Probably should be “section”. 25b(i) of this title shall apply to Federal savings associations, and any subsidiary thereof, to the same extent and in the same manner as if such savings associations, or subsidiaries thereof, were national banks or subsidiaries of national banks, respectively. **(d) Enforcement actions** The ability of the Comptroller of the Currency to bring an enforcement action under this chapter or [section 45 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section45&num=0&edition=prelim) does not preclude any private party from enforcing rights granted under Federal or State law in the courts.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 25b — State law preemption standards for national banks and subsidiaries clarified

**(a) Definitions** For purposes of this section, the following definitions shall apply: (1) **National bank** — The term “national bank” includes— (A) any bank organized under the laws of the United States; and (B) any Federal branch established in accordance with the International Banking Act of 1978 [[12 U.S.C. 3101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3101&num=0&edition=prelim) et seq.]. (2) **State consumer financial laws** — The term “State consumer financial law” means a State law that does not directly or indirectly discriminate against national banks and that directly and specifically regulates the manner, content, or terms and conditions of any financial transaction (as may be authorized for national banks to engage in), or any account related thereto, with respect to a consumer. (3) **Other definitions** — The terms “affiliate”, “subsidiary”, “includes”, and “including” have the same meanings as in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim). **(b) Preemption standard** (1) **In general** — State consumer financial laws are preempted, only if— (A) application of a State consumer financial law would have a discriminatory effect on national banks, in comparison with the effect of the law on a bank chartered by that State; (B) in accordance with the legal standard for preemption in the decision of the Supreme Court of the United States in Barnett Bank of Marion County, N. A. v. Nelson, Florida Insurance Commissioner, et al., 517 U.S. 25 (1996), the State consumer financial law prevents or significantly interferes with the exercise by the national bank of its powers; and any preemption determination under this subparagra

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5563 — Preservation of enforcement powers of States

**(a) In general** (1) **Action by State** — Except as provided in paragraph (2), the attorney general (or the equivalent thereof) of any State may bring a civil action in the name of such State in any district court of the United States in that State or in State court that is located in that State and that has jurisdiction over the defendant, to enforce provisions of this title 11 See References in Text note below. or regulations issued under this title,1 and to secure remedies under provisions of this title 1 or remedies otherwise provided under other law. A State regulator may bring a civil action or other appropriate proceeding to enforce the provisions of this title 1 or regulations issued under this title 1 with respect to any entity that is State-chartered, incorporated, licensed, or otherwise authorized to do business under State law (except as provided in paragraph (2)), and to secure remedies under provisions of this title 1 or remedies otherwise provided under other provisions of law with respect to such an entity. (2) **Action by State against national bank or Federal savings association to enforce rules** (A) *In general* — Except as permitted under subparagraph (B), the attorney general (or equivalent thereof) of any State may not bring a civil action in the name of such State against a national bank or Federal savings association to enforce a provision of this title.1 (B) *Enforcement of rules permitted* — The attorney general (or the equivalent thereof) of any State may bring a civil action in the name of such State against a national bank or Federal savings association in any district court of the United States in the State or in State court that is located in that State and that has jurisdiction over the defendant to enforce a regulation prescr

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5564 — Preservation of existing contracts

This title,11 See References in Text note below. and regulations, orders, guidance, and interpretations prescribed, issued, or established by the Bureau, shall not be construed to alter or affect the applicability of any regulation, order, guidance, or interpretation prescribed, issued, and established by the Comptroller of the Currency or the Director of the Office of Thrift Supervision regarding the applicability of State law under Federal banking law to any contract entered into on or before July 21, 2010, by national banks, Federal savings associations, or subsidiaries thereof that are regulated and supervised by the Comptroller of the Currency or the Director of the Office of Thrift Supervision, respectively.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5551 — Relation to State law

Page 1979 TITLE 12—BANKS AND BANKING § 5551 1 See References in Text note below. PART D—PRESERVATION OF STATE LAW § 5551. Relation to State law (a) In general (1) Rule of construction This title,1 other than sections 1044 through 1048,1 may not be construed as annulling, al- tering, or affecting, or exempting any person subject to the provisions of this title 1 from complying with, the statutes, regulations, or- ders, or interpretations in effect in any State, except to the extent that any such provision of law is inconsistent with the provisions of this title,1 and then only to the extent of the in- consistency. (2) Greater protection under State law For purposes of this subsection, a statute, regulation, order, or interpretation in effect in any State is not inconsistent with the provi- sions of this title 1 if the protection that such statute, regulation, order, or interpretation affords to consumers is greater than the pro- tection provided under this title.1 A deter- mination regarding whether a statute, regula- tion, order, or interpretation in effect in any State is inconsistent with the provisions of this title 1 may be made by the Bureau on its own motion or in response to a nonfrivolous petition initiated by any interested person. (b) Relation to other provisions of enumerated consumer laws that relate to State law No provision of this title,1 except as provided in section 1083,1 shall be construed as modifying, limiting, or superseding the operation of any provision of an enumerated consumer law that relates to the application of a law in effect in any State with respect to such Federal law. (c) Additional consumer protection regulations in response to State action (1) Notice of proposed rule required The Bureau shall issue a

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