S. 2995: 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 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.

Written by the Congressional Research Service, Library of Congress.