Protect Minority Student Borrowers Act
This bill prohibits discrimination on the basis of a credit applicant's institution of higher education (IHE).
Specifically, the bill makes it unlawful for a private educational lender to discriminate against a credit applicant based on the IHE that the applicant plans to attend, currently attends, or previously attended. The Department of Justice may bring a civil action against a private educational lender for violations.
The bill also requires the Government Accountability Office to study and report on the extent to which private educational lenders discriminate against applicants who attend minority-serving IHEs.
To amend the Equal Credit Opportunity Act to prohibit discrimination 
based on an applicant's institution of higher education, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protect Minority Student Borrowers 
Act''.

SEC. 2. SCOPE OF PROHIBITION.

    (a) Prohibited Discrimination.--Section 701 of the Equal Credit 
Opportunity Act (15 U.S.C. 1691) is amended--
            (1) by redesignating subsections (b) through (e) as 
        subsections (c) through (f), respectively; and
            (2) by inserting after subsection (a) the following:
    ``(b)(1) It shall be unlawful for any private educational lender to 
discriminate against any applicant, with respect to any aspect of a 
credit transaction, on the basis of the institution of higher education 
an applicant intends to attend, presently attends, or previously 
attended, including whether such institution is a minority-serving 
institution.
    ``(2) In this subsection:
            ``(A) The term `institution of higher education' has the 
        meaning given such term in section 101(a) of the Higher 
        Education Act of 1965 (20 U.S.C. 1001(a)).
            ``(B) The term `minority-serving institution' means an 
        institution of higher education described in section 371(a) of 
        the Higher Education Act of 1965 (20 U.S.C. 1067q(a)).
            ``(C) The term `private educational lender' has the meaning 
        given such term in section 140(a) of the Truth In Lending Act 
        (15 U.S.C. 1650(a)).''.
    (b) Civil Liability.--Section 706(g) of the Equal Credit 
Opportunity Act (15 U.S.C. 1691e(g)) is amended by striking ``section 
701(a)'' each place it appears and inserting ``subsection (a) or (b) of 
section 701''.
    (c) Conforming Amendment.--Section 603(k) of the Fair Credit 
Reporting Act (15 U.S.C. 1681a(k)) is amended by striking ``701(d)(6)'' 
each place it appears and inserting ``701(e)(6)''.

SEC. 3. STUDY AND REPORT ON LENDING DISCRIMINATION.

    (a) Study.--The Comptroller General of the United States shall 
conduct a study on--
            (1) whether private educational lenders (as defined in 
        section 140(a) of the Truth in Lending Act (15 U.S.C. 1650(a))) 
        discriminate against applicants who intend to attend, currently 
        attend, or previously attended minority-serving institutions of 
        higher education (as described in section 371(a) of the Higher 
        Education Act of 1965 (20 U.S.C. 1067q(a))); and
            (2) the extent of such discrimination, if any.
    (b) Report.--Not later than 1 year after the date of enactment of 
this Act, the Comptroller General of the United States shall submit to 
Congress a report that contains the results of the study conducted 
under subsection (a).
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Protect Minority Student Borrowers Act
To amend the Equal Credit Opportunity Act to prohibit discrimination based on an applicant's institution of higher education, and for other purposes.
Protect Minority Student Borrowers Act
Rep. Vela, Filemon