Shutdown Guidance for Financial Institutions Act

This bill would require five federal financial regulators, including the Federal Reserve, the Consumer Financial Protection Bureau, and the FDIC, to issue joint guidance within 180 days encouraging banks and credit unions to work with people and businesses affected by a federal government shutdown. The guidance would encourage lenders to consider changing loan terms or extending new credit, and to keep modified payment arrangements from hurting consumers' credit reports. Within 24 hours after a shutdown starts, the regulators would have to issue a press release announcing the guidance. Within 90 days after a shutdown ends, they would report to Congress on how well the guidance worked and update it if problems were found.

Full text and official record on Congress.gov

Sponsors

• Chris Van Hollen Democrat sponsor
• 6 cosponsors