S.2919 - Shutdown Guidance for Financial Institutions Act116th Congress (2019-2020)
|Sponsor:||Sen. Van Hollen, Chris [D-MD] (Introduced 11/20/2019)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 11/20/2019 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: S.2919 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (11/20/2019)
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, and
- to 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.