The Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173) passed the U.S. Senate this week and is now headed to the President’s desk for signature.

The Act has significant implications for the student loan industry. The most significant change provides the newly created Consumer Financial Protection Bureau with authority over virtually all types of non-federal student loans, including those that for-profit colleges make to their own students.  The Bureau will have supervision over loans made by all non-banks and by banks with more than $10 billion in assets.

The Act also creates a separate student loan ombudsman position within the Bureau. The ombudsman position is designed to provide student loan borrowers with a central place for information and to seek assistance with concerns and/or problems.