Students and Young Consumers Empowerment Act
This bill establishes the Office for Students and Young Consumers within the Consumer Financial Protection Bureau and eliminates the position of Private Education Loan Ombudsman. (Currently, the Private Education Loan Ombudsman provides assistance to borrowers of private education loans.)
The Office for Students and Young Consumers must provide assistance to borrowers of private or federal student loans and enter into an information-sharing agreement with the Department of Education. The office must also report annually regarding campus banking and the student loan marketplace.