HR 5739
Shutdown Guidance for Financial Institutions Act
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Bill overview
This bill, the Shutdown Guidance for Financial Institutions Act, requires federal financial regulators to create and distribute guidance to banks and credit unions during government shutdowns. The goal is to encourage these institutions to work with individuals and businesses impacted by the shutdown, such as furloughed federal employees, and to avoid reporting modified loan terms in a way that harms credit scores. The regulators must also notify the public and provide a report to Congress assessing the guidance's effectiveness after a shutdown ends.
Sponsors
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Primary sponsor
Jennifer Wexton
Cosponsors
David J. Trone
Donald S., Jr. Beyer
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