; (2) in clause (i), by striking and after the semicolon; and (3) by inserting after clause (i) the following: (ii) is not made, insured, or guaranteed under title VII or title VIII of the Public Health Service Act ( 42 U.S.C. 292 et seq. and 296 et seq.); and . (c) Regulations Not later than 365 days after the date of enactment of this Act, the Director of the Bureau of Consumer Financial Protection shall issue rules in final form to implement paragraphs (3), (9), and (11) of section 128(e) of the Truth in Lending Act, as amended by this section. Such regulations shall become effective not later than 6 months after their date of issuance. (d) Effective date The amendments made by subsections (a) and (b) shall take effect 1 year after the date of the enactment of this section. (e) Report (1) In general Not later than 24 months after issuing rules under subsection (c), the Director of the Bureau of Consumer Financial Protection shall submit to the Congress a report about the compliance of private educational lenders and institutions of higher education with section 128(e) of the Truth in Lending Act, as amended by this section. (2) Contents Any report submitted to Congress pursuant to paragraph (1) shall include information about the degree to which institutions of higher education, in making disclosures to borrowers pursuant to section 128(e)(3)(F) of the Truth in Lending Act, effectively encourage borrowers to exhaust Federal assistance under title IV of the Higher Education Act of 1965 before entering a private educational loan.