I 

118TH CONGRESS 

1ST SESSION H. R. 5739 

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. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 26, 2023 

Ms. WEXTON (for herself, Ms. NORTON, Mr. TRONE, Mr. CONNOLLY, Ms. SALINAS, Ms. MCCLELLAN, Mr. COSTA, and Mr. RASKIN) introduced the 

following bill; which was 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 

A BILL 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Shutdown Guidance 

5 for Financial Institutions Act’’. 


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1 SEC. 2. SHUTDOWN GUIDANCE FOR FINANCIAL INSTITU2 TIONS. 

3 (a) GUIDANCE.—Not later than the end of the 180- 

4 day period beginning on the date of enactment of this Act, 

5 the Federal financial regulators shall, jointly, in consulta6 tion with State banking regulators and other appropriate 

7 Federal and State agencies, issue shutdown guidance to 

8 the financial institutions they regulate encouraging the fi9 nancial institutions to— 

10 (1) work with consumers and businesses af11 fected by a shutdown; 

12 (2) recognize that consumers and businesses af13 fected by a shutdown may lose access to credit and 

14 face temporary hardship in making payments on 

15 debts such as mortgages, student loans, car loans, 

16 business loans, or credit cards; 

17 (3) consider prudent efforts to modify terms on 

18 existing loans or extend new credit to help con19 sumers and businesses affected by a shutdown, con20 sistent with safe-and-sound lending practices; and 

21 (4) take steps to prevent adverse information 

22 being reported in a manner that harms consumers 

23 affected by a shutdown, including by preventing 

24 modified credit arrangements intended to help con25 sumers fulfill their financial obligations from being 

26 reported to, and coded by, consumer reporting agenVerDate Sep 11 2014 02:04 Sep 29, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5739.IH H5739

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1 cies on a consumer’s credit report in a manner that 

2 hurts the creditworthiness of the consumer. 

3 (b) NOTICE OF GUIDANCE DURING A SHUTDOWN.— 

4 Not later than the end of the 24-hour period beginning 

5 at the start of a shutdown, the Federal financial regu6 lators shall, jointly, issue a press release to alert financial 

7 institutions, consumers, and businesses to the existence, 

8 and content, of the guidance issued pursuant to subsection 

9 (a). 

10 (c) POST-SHUTDOWN REPORT TO CONGRESS AND

11 UPDATED GUIDANCE.— 

12 (1) IN GENERAL.—Not later than the end of 

13 the 90-day period beginning on the date a shutdown 

14 ends, the Federal financial regulators shall, jointly, 

15 issue a report to Congress containing an analysis of 

16 the effectiveness of the guidance issued pursuant to 

17 subsection (a). 

18 (2) UPDATED GUIDANCE.—Not later than the 

19 end of the 180-day period beginning on the date a 

20 report is issued under paragraph (1), the Federal fi21 nancial regulators shall update the guidance re22 quired under subsection (a) if any shortcomings are 

23 identified in such report. 

24 (d) DEFINITIONS.—In this section: 


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1 (1) CONSUMERS AFFECTED BY A SHUTDOWN.— 

2 The term ‘‘consumers affected by a shutdown’’ 

3 means an individual who is an employee of— 

4 (A) the Federal Government, and who is 

5 furloughed or excepted from a furlough during 

6 the shutdown; 

7 (B) the District of Columbia, and who is 

8 not receiving pay because of the shutdown; or 

9 (C) a Federal contractor (as defined under 

10 section 7101 of title 41, United States Code) or 

11 other business, and who has experienced a sub12 stantial reduction in pay due to the shutdown. 

13 (2) CONSUMERS AND BUSINESSES AFFECTED

14 BY A SHUTDOWN.—The term ‘‘consumers and busi15 nesses affected by a shutdown’’ means— 

16 (A) a consumer affected by a shutdown; 

17 and 

18 (B) a Federal contractor (as defined under 

19 section 7101 of title 41, United States Code) or 

20 other business that has experienced a substan21 tial reduction in income due to the shutdown. 

22 (3) FEDERAL FINANCIAL REGULATORS.—The 

23 term ‘‘Federal financial regulators’’ means the 

24 Board of Governors of the Federal Reserve System, 

25 the Bureau of Consumer Financial Protection, the 


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1 Comptroller of the Currency, the Federal Deposit 

2 Insurance Corporation, and the National Credit 

3 Union Administration. 

4 (4) SHUTDOWN.—The term ‘‘shutdown’’ means 

5 any period in which there is more than a 24-hour 

6 lapse in appropriations as a result of a failure to 

7 enact a regular appropriations bill or continuing res8 olution. 

9 SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 

10 The budgetary effects of this Act, for the purpose of 

11 complying with the Statutory Pay-As-You-Go Act of 2010, 

12 shall be determined by reference to the latest statement 

13 titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 

14 Act, submitted for printing in the Congressional Record 

15 by the Chairman of the House Budget Committee, pro16 vided that such statement has been submitted prior to the 

17 vote on passage. 

Æ 


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