Bill > S2995

This bill requires federal financial regulators (including the Federal Reserve, Consumer Financial Protection Bureau, and other banking oversight agencies) to issue guidance within 180 days instructing financial institutions on how to support consumers and businesses during a government shutdown. The guidance would encourage banks and credit unions to work with individuals who are furloughed federal employees, employees of the District of Columbia, or federal contractors experiencing reduced income, by helping them manage financial obligations during the shutdown. Specifically, the guidance would ask financial institutions to recognize potential hardships in making payments on mortgages, student loans, car loans, business loans, and credit cards, and to consider modifying loan terms or extending new credit while maintaining safe lending practices. The bill also requires regulators to issue a press release within 24 hours of a shutdown to alert financial institutions and consumers about the guidance, and mandates a post-shutdown report to Congress analyzing the effectiveness of the guidance. After submitting the report, regulators must update the guidance if any shortcomings are identified. A "shutdown" is defined as a lapse in government appropriations lasting more than 24 hours, and the guidance aims to prevent negative credit reporting that could harm consumers during these periods.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2995/all-info