HR 5689

This bill, the Shutdown Guidance for Financial Institutions Act, requires federal financial regulators to create and share guidance with banks and other financial institutions to help them support consumers and businesses impacted by government shutdowns. The guidance encourages institutions to work with affected individuals, consider loan modifications, and avoid reporting actions that could harm credit scores. Following a shutdown, the regulators must report on the guidance's effectiveness and update it if necessary. This aims to mitigate the financial hardship experienced by government employees, District of Columbia residents, and federal contractors during shutdowns.