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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 bor- rowers of loans described in subsection (a), including, as appro- priate, 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; Deadline. (2) not later than 90 days after the designated transfer Memorandum. date, establish a memorandum of understanding with the stu- dent loan ombudsman established under section 141(f) of the Higher Education Act of 1965 (20 U.S.C. 1018(f)), 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 Recommenda- (4) make appropriate recommendations to the Director, tions. 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 effective- ness 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 Com- mittee on Financial Services and the Committee on Education and Labor of the House of Representatives. (e) DEFINITIONS.—For purposes of this section, the terms ‘‘pri- vate education loan’’ and ‘‘institution of higher education’’ have the same meanings as in section 140 of the Truth in Lending Act (15 U.S.C. 1650).

12 USC 5536. SEC. 1036. PROHIBITED ACTS.
(a) IN GENERAL.—It shall be unlawful for—
(1) any covered person or service provider—
(A) to offer or provide to a consumer any financial
product or service not in conformity with Federal consumer
financial law, or otherwise commit any act or omission
in violation of a Federal consumer financial law; or
(B) to engage in any unfair, deceptive, or abusive act
or practice;
(2) any covered person or service provider to fail or refuse,
as required by Federal consumer financial law, or any rule

LAWS or order issued by the Bureau thereunder— (A) to permit access to or copying of records; (B) to establish or maintain records; orPUBLIC with on anorris VerDate Nov 24 2008 10:40 Sep 02, 2010 Jkt 089139 PO 00203 Frm 00636 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203