SEC. 2. SHUTDOWN GUIDANCE FOR FINANCIAL INSTITU-
TIONS. 
(a) GUIDANCE.—Not later than the end of the 180- 
day period beginning on the date of enactment of this Act, 
the Federal financial regulators shall, jointly, in consulta-
tion with State banking regulators and other appropriate 
Federal and State agencies, issue shutdown guidance to 
the financial institutions they regulate encouraging the fi-
nancial institutions to— 
(1) work with consumers and businesses af-
fected by a shutdown; 
(2) recognize that consumers and businesses af-
fected 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; 
(3) consider prudent efforts to modify terms on 
existing loans or extend new credit to help con-
sumers and businesses affected by a shutdown, con-
sistent with safe-and-sound lending practices; and 
(4) 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 re-
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porting agencies on a consumer’s credit report in a 
manner that hurts the creditworthiness of the con-
sumer. 
(b) NOTICE OF GUIDANCE DURING A SHUTDOWN.— 
Not later than the end of the 24-hour period beginning 
at the start of a shutdown, the Federal financial regu-
lators shall, jointly, issue a press release to alert financial 
institutions, consumers, and businesses to the existence, 
and content, of the guidance issued pursuant to subsection 
(a). 
(c) POST-SHUTDOWN REPORT.— 
(1) IN GENERAL.—Not later than the end of 
the 90-day period beginning on the date a shutdown 
ends, the Federal financial regulators shall, jointly, 
issue a report to Congress containing an analysis of 
the effectiveness of the guidance issued pursuant to 
subsection (a) and what steps financial institutions 
took to assist consumers and businesses affected by 
a shutdown. 
(2) UPDATED GUIDANCE.—Not later than the 
end of the 180-day period beginning on the date a 
report is issued under paragraph (1), the Federal fi-
nancial regulators shall update the guidance re-
quired under subsection (a) if any shortcomings are 
identified in such report. 
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(d) DEFINITIONS.—In this section: 
(1) CONSUMERS AFFECTED BY A SHUTDOWN.— 
The term ‘‘consumers affected by a shutdown’’ 
means an individual who is an employee of— 
(A) the Federal Government, and who is 
furloughed or excepted from a furlough during 
the shutdown; 
(B) the District of Columbia, and who is 
not receiving pay because of the shutdown; or 
(C) a Federal contractor (as defined under 
section 7101 of title 41, United States Code) or 
other business, and who has experienced a sub-
stantial reduction in pay due to the shutdown. 
(2) CONSUMERS
AND
BUSINESSES
AFFECTED 
BY A SHUTDOWN.—The term ‘‘consumers and busi-
nesses affected by a shutdown’’ means— 
(A) a consumer affected by a shutdown; 
and 
(B) a Federal contractor (as defined under 
section 7101 of title 41, United States Code) or 
other business that has experienced a substan-
tial reduction in income due to the shutdown. 
(3) FEDERAL
FINANCIAL
REGULATORS.—The 
term ‘‘Federal financial regulators’’ means the 
Board of Governors of the Federal Reserve System, 
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the Bureau of Consumer Financial Protection, the 
Comptroller of the Currency, the Federal Deposit 
Insurance Corporation, and the National Credit 
Union Administration. 
(4) SHUTDOWN.—The term ‘‘shutdown’’ means 
any period in which there is more than a 24-hour 
lapse in appropriations as a result of a failure to 
enact a regular appropriations bill or continuing res-
olution. 
Æ 
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