To require the Federal financial regulators to issue guidance encouraging financial institutions to work with consumers and businesses affected by a Federal Government shutdown, and for other purposes.
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Committee
Latest Action · September 26, 2023
Referred to the Committee on Financial Services, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Shutdown Guidance for Financial Institutions Act
This bill directs financial regulators—including the Federal Reserve Board, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration—to issue guidance relating to a government shutdown. Among other things, financial regulators must issue guidance encouraging financial institutions
to modify loan terms and to extend credit to consumers and businesses affected by a shutdown, andto take steps to prevent the reporting of adverse credit information related to a shutdown.Financial regulators must also notify the public of this guidance in the event of a government shutdown, and complete a report after a government shutdown regarding the guidance's effectiveness.
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