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S. 2385: Protecting Aid for Students Act of 2014

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S. 2385: Protecting Aid for Students Act of 2014

113th Congress · introduced 2014-05-22 · Education · Latest: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2014-05-22 · official record
  2. Who proposed it: Sen. Harkin, Tom [D-IA] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Protecting Aid for Students Act of 2014

Plain 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; publish that code prominently on the IHE's website; requires all of its associated individuals to be annually informed of the code's provisions. 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.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Protecting Aid for Students Act of 2014

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Harkin, Tom [D-IA] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Richard J. Durbin (D-IL), Elizabeth Warren (D-MA)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

Record fed-us-cong113-s2385 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113