[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5739 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 5739
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 26, 2023
Ms. Wexton (for herself, Ms. Norton, Mr. Trone, Mr. Connolly, Ms.
Salinas, Ms. McClellan, Mr. Costa, and Mr. Raskin) introduced the
following bill; which was 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
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A BILL
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Shutdown Guidance for Financial
Institutions Act''.
SEC. 2. SHUTDOWN GUIDANCE FOR FINANCIAL INSTITUTIONS.
(a) Guidance.--Not later than the end of the 180-day period
beginning on the date of enactment of this Act, the Federal financial
regulators shall, jointly, in consultation with State banking
regulators and other appropriate Federal and State agencies, issue
shutdown guidance to the financial institutions they regulate
encouraging the financial institutions to--
(1) work with consumers and businesses affected by a
shutdown;
(2) recognize that consumers and businesses affected by a
shutdown may lose access to credit and face temporary hardship
in making payments on debts such as mortgages, student loans,
car loans, business loans, or credit cards;
(3) consider prudent efforts to modify terms on existing
loans or extend new credit to help consumers and businesses
affected by a shutdown, consistent with safe-and-sound lending
practices; and
(4) take steps to prevent adverse information being
reported in a manner that harms consumers affected by a
shutdown, including by preventing modified credit arrangements
intended to help consumers fulfill their financial obligations
from being reported to, and coded by, consumer reporting
agencies on a consumer's credit report in a manner that hurts
the creditworthiness of the consumer.
(b) Notice of Guidance During a Shutdown.--Not later than the end
of the 24-hour period beginning at the start of a shutdown, the Federal
financial regulators shall, jointly, issue a press release to alert
financial institutions, consumers, and businesses to the existence, and
content, of the guidance issued pursuant to subsection (a).
(c) Post-Shutdown Report to Congress and Updated Guidance.--
(1) In general.--Not later than the end of the 90-day
period beginning on the date a shutdown ends, the Federal
financial regulators shall, jointly, issue a report to Congress
containing an analysis of the effectiveness of the guidance
issued pursuant to subsection (a).
(2) Updated guidance.--Not later than the end of the 180-
day period beginning on the date a report is issued under
paragraph (1), the Federal financial regulators shall update
the guidance required under subsection (a) if any shortcomings
are identified in such report.
(d) Definitions.--In this section:
(1) Consumers affected by a shutdown.--The term ``consumers
affected by a shutdown'' means an individual who is an employee
of--
(A) the Federal Government, and who is furloughed
or excepted from a furlough during the shutdown;
(B) the District of Columbia, and who is not
receiving pay because of the shutdown; or
(C) a Federal contractor (as defined under section
7101 of title 41, United States Code) or other
business, and who has experienced a substantial
reduction in pay due to the shutdown.
(2) Consumers and businesses affected by a shutdown.--The
term ``consumers and businesses affected by a shutdown''
means--
(A) a consumer affected by a shutdown; and
(B) a Federal contractor (as defined under section
7101 of title 41, United States Code) or other business
that has experienced a substantial reduction in income
due to the shutdown.
(3) Federal financial regulators.--The term ``Federal
financial regulators'' means the Board of Governors of the
Federal Reserve System, the Bureau of Consumer Financial
Protection, the Comptroller of the Currency, the Federal
Deposit Insurance Corporation, and the National Credit Union
Administration.
(4) Shutdown.--The term ``shutdown'' means any period in
which there is more than a 24-hour lapse in appropriations as a
result of a failure to enact a regular appropriations bill or
continuing resolution.
SEC. 3. DETERMINATION OF BUDGETARY EFFECTS.
The budgetary effects of this Act, for the purpose of complying
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by
reference to the latest statement titled ``Budgetary Effects of PAYGO
Legislation'' for this Act, submitted for printing in the Congressional
Record by the Chairman of the House Budget Committee, provided that
such statement has been submitted prior to the vote on passage.
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