United States 113th Congress Status: Died 1 D cosponsors

S 2385 — Protecting Aid for Students Act of 2014

Last action — Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Protecting Aid for Students Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to require institutions of higher education (IHEs) that enroll students who receive title IV grants or loans to establish a system to disburse credit balances to students through electronic payments to a deposit account or a general-use prepaid card with the protections afforded under the Electronic Fund Transfer Act. Prohibits an IHE from: (1) requiring or encouraging a student to select a particular financial institution to which those electronic payments will be made, or (2) denying or causing a delay in the disbursement of credit balances based on the selection by a student of a particular financial institution. Directs the Secretary of Education to conduct a pilot program giving students the option to receive credit balances through the Treasury Direct Express system or another low-cost alternative. Prohibits an IHE that is affiliated with a consumer financial product or service from receiving financial assistance under the HEA unless it: develops a code of conduct with respect to affiliated consumer financial products or services with which associated individuals must comply that prohibits conflicts of interest and requires those individuals to act in the best interests of the IHE's students; Defines an "associated individual" as: (1) an officer of an IHE, or (2) an employee or agent of the IHE who is involved in specified ways with the affiliated consumer financial product or service. Prohibits an IHE that is affiliated with a consumer financial product or service from: (1) entering into a revenue-sharing arrangement with the financial institution providing that product or service, or (2) requesting or accepting any staffing assistance from that financial institution. Prohibits an IHE's associated individuals from: (1) soliciting or receiving a gift from a financial institution that has a consumer financial product or service with which the IHE is affiliated; (2) accepting financial compensation from such financial institution pursuant to a service contract; or (3) receiving anything of value from such financial institution for serving on its advisory board, commission, or group. Allows specified exceptions to such prohibitions. Amends the Truth in Lending Act to require financial institutions to submit an annual report to the Consumer Financial Protection Bureau (CFPB) containing the terms and conditions of all business, marketing, and promotional agreements they have with any IHE, or any alumni organization or foundation that is an affiliate of or related to an IHE, relating to any consumer financial product or service offered to college students at IHEs. Requires each financial institution to: (1) establish and maintain a website on which it posts the written agreement with the IHE for each affiliated consumer financial product or service; and (2) provide the CFPB, in electronic format, the written agreements it publishes on its website. Requires the CFPB to establish and maintain on its publicly available website a central repository of all of those agreements received from financial institutions. Prohibits a financial institution that offers a consumer financial product or service that is affiliated with an IHE from entering into a revenue-sharing arrangement with the IHE.

Bill Text

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Read S 2385 on the official United States source →

Action History

  1. Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does S 2385 do?
Protecting Aid for Students Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to require institutions of higher education (IHEs) that enroll students who receive title IV grants or loans to establish a system to disburse credit balances to students through electronic payments to a deposit account or a general-use prepaid card with the protections afforded under the Electronic Fund Transfer Act. Prohibits an IHE from: (1) requiring or encouraging a student to select a particular financial institution to which those electronic payments will be made, or (2) denying or causing a delay in the disbursement of credit balances based on the selection by a student of a particular financial institution. Directs the Secretary of Education to conduct a pilot program giving students the option to receive credit balances through the Treasury Direct Express system or another low-cost alternative. Prohibits an IHE that is affiliated with a consumer financial product or service from receiving financial assistance under the HEA unless it: develops a code of conduct with respect to affiliated consumer financial products or services with which associated individuals must comply that prohibits conflicts of interest and requires those individuals to act in the best interests of the IHE's students; Defines an "associated individual" as: (1) an officer of an IHE, or (2) an employee or agent of the IHE who is involved in specified ways with the affiliated consumer financial product or service. Prohibits an IHE that is affiliated with a consumer financial product or service from: (1) entering into a revenue-sharing arrangement with the financial institution providing that product or service, or (2) requesting or accepting any staffing assistance from that financial institution. Prohibits an IHE's associated individuals from: (1) soliciting or receiving a gift from a financial institution that has a consumer financial product or service with which the IHE is affiliated; (2) accepting financial compensation from such financial institution pursuant to a service contract; or (3) receiving anything of value from such financial institution for serving on its advisory board, commission, or group. Allows specified exceptions to such prohibitions. Amends the Truth in Lending Act to require financial institutions to submit an annual report to the Consumer Financial Protection Bureau (CFPB) containing the terms and conditions of all business, marketing, and promotional agreements they have with any IHE, or any alumni organization or foundation that is an affiliate of or related to an IHE, relating to any consumer financial product or service offered to college students at IHEs. Requires each financial institution to: (1) establish and maintain a website on which it posts the written agreement with the IHE for each affiliated consumer financial product or service; and (2) provide the CFPB, in electronic format, the written agreements it publishes on its website. Requires the CFPB to establish and maintain on its publicly available website a central repository of all of those agreements received from financial institutions. Prohibits a financial institution that offers a consumer financial product or service that is affiliated with an IHE from entering into a revenue-sharing arrangement with the IHE.
Who sponsors S 2385?
S 2385 is sponsored by Tom Harkin (D).
What is the current status of S 2385?
This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 2385?
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