; or (2) the memorandum of understanding required under subsection (b)(2) has lapsed for a period of 60 days or more. (d) Reports (1) Annual report on the student loan marketplace The Assistant Director and Student Loan Borrower Advocate shall— (A) compile and analyze complaints from borrowers with Federal student loans or private education loans; (B) not less than once per year, submit a report to Congress summarizing the activities of the Assistant Director and Student Loan Borrower Advocate in the previous year and including an independent evaluation of risks to consumers posed by policies and practices in the student loan marketplace