; and (B) that contractors, lenders, and guaranty agencies and third party servicers are adhering to the requirements of title IV, the terms of any contract with the Secretary, consumer protection laws, Federal regulations and guidelines, and directives of the PBO. (5) Coordination with the director of the bureau of consumer financial protection Not later than 180 days after the date of the enactment of the College Affordability Act , the Secretary shall enter into a memorandum of understanding with the Private Education Loan Ombudsman in accordance with section 1035(c)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5535(c)(2) ). . (4) in subsection (d)— (A) in paragraph (1), by striking management ability and all that follows through the period at the end and inserting management ability, including contractor management, expertise in the Federal student financial assistance programs authorized under title IV, experience with financial systems, and knowledge of consumer financial protection laws, and without regard to political affiliation or activity. ; (B) by redesignating paragraphs (2) through (5) as paragraphs (3) through (6); (C) by inserting after paragraph (1) the following: (2) Restrictions (A) Preservice and in-service restrictions An individual may not serve as the Chief Operating Officer if such individual— (i) is employed by, or has a financial interest in, an entity that contracts with the PBO; or (ii) was employed by, or had a financial interest in, any such entity in any of the five years preceding the date of the individual’s appointment as the Chief Operating Officer. (B) Postservice restrictions An individual who served as the Chief Operating Officer may not accept employment with an entity that contracts with the PBO until a period of five years has elapsed following the date on which such individual’s service as the Chief Operating Officer terminated.