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This bill — the Shutdown Guidance for Financial Institutions Act — would require federal financial regulators to issue a guidance that encourages banks and other financial institutions to work with consumers and businesses affected by a federal government shutdown to avoid undue financial hardship. This guidance would be provided to banks and other financial institutions no later than 24 hours after a shutdown starts.

Specifically, this bill would require federal financial regulators, in consultation with state banking regulators and other appropriate federal and state agencies, to issue shutdown guidance encouraging the financial institutions they regulate 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 such as mortgages, student loans, car loans, business loans, or credit cards;
Consider prudent efforts to modify terms on existing loans or extend new credit to help consumers and businesses affected by a shutdown, consistent with safe-and-sound lending practices; and
Take steps to prevent adverse information being reported and utilized in any manner that harms consumers affected by a shutdown, including by preventing modified credit arrangements intended to help consumers fulfill their financial obligations from being reported to, and coded by, consumer reporting agencies on a consumer’s credit report in a manner that hurts the creditworthiness of the consumer.

This bill would also require federal financial regulators to issue a joint report to Congress with an analysis of the effectiveness of the guidance issued and what steps financial institutions took during the shutdown no more than 90 days after a shutdown ends.

","official_title":"To require the Federal financial regulators to issue guidance encouraging financial institutions to work with consumers and businesses affected by a Federal Government shutdown, and for other purposes.","short_title":"Shutdown Guidance for Financial Institutions Act","popular_title":null,"short_summary":"","summarized":true,"cost":null,"cost_commentary":"A CBO cost estimate is unavailable.","impact":"Federal workers affected by a government shutdown; financial institutions; and credit reports of federal workers affected by a government shutdown.","argument_for":"Although federal regulators have historically issued guidance encouraging financial institutions and banks to work with customers impacted by government shutdowns, they aren’t required to do so. This bill is needed to ensure that regulators continue this practice going forward in case of future government shutdowns. ","argument_against":"Since federal regulators have historically issued guidance encouraging financial institutions and banks to work with customers impacted by government shutdowns, there’s no need for this bill to mandate that they do so. 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I hear politicians eloquently argue for one side of an issue and later, when it’s to their benefit, just as eloquently argue for the opposite side. OK, so they are good at arguing- but what is that they actually believe? What is it that they actually stand for? An honorable person has values that persist even when it is not convenient or expedient. An honorable person has a moral compass that stops them from doing something wrong even if it is not illegal. 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Should the Feds Encourage Banks to Work With Customers Affected by a Gov't Shutdown to Avoid Undue Hardship?