Bill > HR5689

This bill requires federal financial regulators to develop guidance for financial institutions during a government shutdown, designed to help consumers and businesses who are financially impacted. Within 180 days of enactment, regulators must jointly issue guidance that encourages financial institutions to work with affected consumers and businesses, recognize potential financial hardships, consider modifying loan terms, and prevent negative credit reporting for those impacted by the shutdown. The bill defines "consumers affected by a shutdown" as federal employees, District of Columbia employees, or federal contractors who experience significant pay reductions during a government funding lapse. The regulators—which include the Federal Reserve, Consumer Financial Protection Bureau, Comptroller of the Currency, Federal Deposit Insurance Corporation, and National Credit Union Administration—must also issue a press release within 24 hours of a shutdown to alert financial institutions and the public about the guidance. Within 90 days after a shutdown ends, these regulators must submit a report to Congress analyzing the effectiveness of their guidance, and if shortcomings are identified, update the guidance within 180 days. The bill defines a "shutdown" as any period lasting more than 24 hours where regular government funding is not approved.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/5689/all-info