Oversight of migration and management

(a) In general The Administrator shall provide oversight of the migration to, and management of, the Platform established under this Act, including— (1) reviewing the adequacy of the operational framework of the Administration for the Platform, in consultation with the Federal Credit Policy Council; (2) establishing Government-wide standards for loan management, in coordination with the Director and the Federal Credit Policy Council, that shall apply to the Provider and all Federal credit programs, and that shall facilitate migration to the Platform and efficient operations of loan management activities; (3) providing a recommendation to the Director on each exception granted under section 6(c), including an analysis of the impact of such an exception on the long-term Government-wide cost effectiveness of loan management and the financial sustainability of the Platform; (4) monitoring agency compliance with migration requirements under section; and (5) submitting to the appropriate congressional committees an annual report on the status of agency migrations, any exceptions granted by the Director under section 6(c)(2), the service levels provided to customer agencies of the Platform, any recommended investments or policy changes required to improve the functionality of the Platform, and an analysis of the long-term government-wide cost effectiveness of loan management. (b) Authority To establish a marketplace (1) In general After establishment of the initial Platform, the Administrator shall make an assessment to determine if further adoption, service level improvements, and cost efficiencies would be achieved through the designation of additional Providers to create a shared services marketplace, and if so, make such a recommendation to the Director. (2) Additional designations (A) In general Based on the recommendation made under paragraph (1), the Director may designate up to 3 additional agencies as shared service providers to assume and fulfill the authorities and responsibilities outlined for the Provider in section 5. (B) Requirements Any additional designated shared service providers under subparagraph (A)— (i) shall utilize the public facing capabilities established and managed by the initial Provider and operational host of the Platform designated under section 4(a) to promote a consistent experience for loan applicants through the Platform and reduce fragmentation across systems; and (ii) may otherwise manage separate loan management support functions, with the approval of the Administrator.