124 STAT. 2009 PUBLIC LAW 111–203—JULY 21, 2010 (b) TIMELY RESPONSE TO REGULATOR BY COVERED PERSON.— A covered person subject to supervision and primary enforcement by the Bureau pursuant to section 1025 shall provide a timely response, in writing where appropriate, to the Bureau, the pruden- tial regulators, and any other agency having jurisdiction over such covered person concerning a consumer complaint or inquiry, including— (1) steps that have been taken by the covered person to respond to the complaint or inquiry of the consumer; (2) responses received by the covered person from the con- sumer; and (3) follow-up actions or planned follow-up actions by the covered person to respond to the complaint or inquiry of the consumer. (c) PROVISION OF INFORMATION TO CONSUMERS.— (1) IN GENERAL.—A covered person subject to supervision and primary enforcement by the Bureau pursuant to section 1025 shall, in a timely manner, comply with a consumer request for information in the control or possession of such covered person concerning the consumer financial product or service that the consumer obtained from such covered person, including supporting written documentation, concerning the account of the consumer. (2) EXCEPTIONS.—A covered person subject to supervision and primary enforcement by the Bureau pursuant to section 1025, a prudential regulator, and any other agency having jurisdiction over a covered person subject to supervision and primary enforcement by the Bureau pursuant to section 1025 may not be required by this section to make available to the consumer— (A) any confidential commercial information, including an algorithm used to derive credit scores or other risk scores or predictors; (B) any information collected by the covered person for the purpose of preventing fraud or money laundering, or detecting or making any report regarding other unlawful or potentially unlawful conduct; (C) any information required to be kept confidential by any other provision of law; or (D) any nonpublic or confidential information, including confidential supervisory information. (d) AGREEMENTS WITH OTHER AGENCIES.—The Bureau shall enter into a memorandum of understanding with any affected Fed- eral regulatory agency regarding procedures by which any covered person, and the prudential regulators, and any other agency having jurisdiction over a covered person, including the Secretary of the Department of Housing and Urban Development and the Secretary of Education, shall comply with this section. SEC. 1035. PRIVATE EDUCATION LOAN OMBUDSMAN. (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 Designation. 12 USC 5535. Memorandum. Compliance.
