119th Congress Finance and Financial Sector
H.R. 5689: Shutdown Guidance for Financial Institutions Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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 jointly issue guidance relating to a government shutdown.
Specifically, financial regulators must issue guidance encouraging financial institutions to
- work with consumers and businesses affected by a shutdown,
- recognize that consumers and businesses affected by a shutdown may lose access to credit and face temporary hardship in making payments on debts,
- consider efforts to modify terms on existing loans or extend new credit to assist consumers and businesses affected by a shutdown, and
- take steps to prevent adverse credit information from being reported in a manner that harms consumers affected by a shutdown.
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In addition, financial regulators must jointly issue a press release to notify financial institutions, consumers, and businesses of this guidance in the event of a government shutdown.
Financial regulators must also complete a report after a government shutdown regarding the guidance's effectiveness and update the guidance if any shortcoming are identified in the report.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Donald Beyer D-VAOriginal
- Steven Horsford D-NVOriginal
- Ted Lieu D-CAOriginal
- Jennifer McClellan D-VAOriginal
- April McClain Delaney D-MDOriginal
- Eleanor Norton D-DCOriginal
- Jamie Raskin D-MDOriginal
- James Walkinshaw D-VAOriginal
- Joyce Beatty D-OH
- André Carson D-IN
- Gabe Amo D-RI
- Kweisi Mfume D-MD
- John Mannion D-NY
- Pablo José Hernández Rivera D-PR
- Emily Randall D-WA
- Eugene Vindman D-VA
- Bonnie Watson Coleman D-NJ
- Lizzie Fletcher D-TX
- William Keating D-MA
- Dina Titus D-NV
- Andrea Salinas D-OR
- Jahana Hayes D-CT
Who scored on this bill
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History
- Introduced in the House by Suhas Subramanyam.
Show the full action history (2 actions)
- Introduced in House
- 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.