Sec. 4. Report
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Not later than 24 months after the issuance of regulations under section 2(c), the Director of the Consumer Financial Protection Bureau and the Secretary of Education shall jointly submit to Congress a report on the compliance of— private educational lenders with section 128(e)(3) of the Truth in Lending Act ( 15 U.S.C. 1638(e)(3) ), as amended by section 2; and institutions of higher education with section 487(a)(28) of the Higher Education Act of 1965 ( 20 U.S.C. 1094(a)(28) ), as amended by section 3. The contents of the report described in subsection
(a)shall include information about the degree to which specific institutions utilize certifications in effectively— encouraging the exhaustion of Federal student loan eligibility by borrowers prior to taking on private education loan debt; and lowering private education loan debt by borrowers.
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