1020 
(b) CONTINUUM OF CARE PROGRAM.—Due to the 
emergency relating to the Coronavirus Disease 2019 
(COVID-19) pandemic, the Notice of Funding Availability 
(NOFA) for fiscal year 2020 for the Continuum of Care 
program under subtitle C of title IV of the McKinney- 
Vento Homeless Assistance Act (42 U.S.C. 11381 et seq.) 
shall have no force or effect and the Secretary of Housing 
and Urban Development shall distribute amounts made 
available for such fiscal year for such program based on 
the results of the competition for amounts made available 
for such program for fiscal year 2019 (FR-6300-–25), ex-
cept that grant amounts may be adjusted to account for 
changes in fair market rents. 
SEC. 110302. EMERGENCY RENTAL ASSISTANCE VOUCHER 
PROGRAM. 
(a) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the Secretary of Housing 
and Urban Development (in this section referred to as the 
‘‘Secretary’’), $1,000,000,000 for fiscal year 2020, to re-
main available until expended, for incremental emergency 
vouchers under subsection (b). 
(b) EMERGENCY VOUCHERS.— 
(1) IN GENERAL.—The Secretary shall provide 
emergency rental assistance vouchers under this sub-
section, which shall be tenant-based rental assistance 
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1021 
under section 8(o) the United States Housing Act of 
1937 (42 U.S.C. 1437f(o)). 
(2) SELECTION OF FAMILIES.— 
(A) MANDATORY
PREFERENCES.—Each 
public housing agency administering assistance 
under this section shall provide preference for 
such assistance to eligible families that are— 
(i) homeless (as such term is defined 
in section 103(a) of the McKinney-Vento 
Homeless 
Assistance 
Act 
(42 
U.S.C. 
11302(a)); 
(ii) at risk of homelessness (as such 
term is defined in section 401 of the 
McKinney-Vento Homeless Assistance Act 
(42 U.S.C. 11360); or 
(iii) fleeing, or attempting to flee, do-
mestic violence, dating violence, sexual as-
sault, or stalking. 
(B) ALLOCATION.—In allocating amounts 
made available under this section, the Secretary 
shall— 
(i) not later than 60 days after the 
date of the enactment of this Act, allocate 
at least 50 percent of such amounts to 
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public housing agencies in accordance with 
a formula that considers— 
(I) the capability of public hous-
ing agencies to promptly use emer-
gency vouchers provided under this 
section; and 
(II) the need for emergency 
vouchers provided under this section 
in the geographical area, based on 
factors determined by the Secretary, 
including risk of transmission of 
coronavirus, high numbers or rates of 
sheltered and unsheltered homeless-
ness, and economic and housing mar-
ket conditions; 
(ii) allocate remaining amounts in ac-
cordance with a formula that considers— 
(I) the criteria under clause (i) 
and the success of a public housing 
agency in promptly utilizing vouchers 
awarded under clause (i); and 
(II) the capability of the public 
housing agency to create and manage 
structured partnerships with service 
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providers for the delivery of appro-
priate community-based services; and 
(iii) designate the number of vouchers 
under this section that each public housing 
agency that is awarded funds under this 
section is authorized to administer. 
(C) ELECTION NOT TO ADMINISTER.—If a 
public housing agency elects not to administer 
amounts under this section, the Secretary shall 
award such amounts to other public housing 
agencies according to the criteria in subpara-
graph (B). 
(D) FAILURE TO USE VOUCHERS PROMPT-
LY.—If a public housing agency fails to issue 
all of its authorized vouchers under this section 
on behalf of eligible families within a reasonable 
period of time as determined by the Secretary, 
the Secretary shall reallocate any unissued 
vouchers and associated funds to others public 
housing agencies according to the criteria under 
subparagraph (B)(ii). 
(3) WAIVERS
AND
ALTERNATIVE
REQUIRE-
MENTS.—Any waiver or alternative requirement that 
the Secretary makes available to all public housing 
agencies in connection with assistance made avail-
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able under the heading ‘‘Tenant-Based Rental As-
sistance’’ in title XII of division B of the CARES 
Act (Public Law 116-136; 134 Stat.601) shall apply 
to assistance under this section until the expiration 
of such waiver or alternative requirement. 
(4) TERMINATION OF VOUCHERS UPON TURN-
OVER.— 
(A) IN GENERAL.—A public housing agen-
cy may not reissue any vouchers made available 
under this section when assistance for the fam-
ily initially assisted is terminated. 
(B) REALLOCATION.—Upon termination of 
assistance for one or more families assisted by 
a public housing agency under this section, the 
Secretary shall reallocate amounts that are no 
longer needed by such public housing agency 
for assistance under this section to another 
public housing agency for the renewal of vouch-
ers previously authorized under this section. 
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1025 
TITLE IV—SUSPENDING NEGATIVE CREDIT RE-
PORTING 
AND 
STRENGTHENING 
CON-
SUMER AND INVESTOR PROTECTIONS 
SEC. 110401. REPORTING OF INFORMATION DURING MAJOR 
DISASTERS. 
(a) IN GENERAL.—The CARES Act (Public Law 
116–136) is amended by striking section 4021 and insert-
ing the following: 
‘‘SEC. 4021. REPORTING OF INFORMATION DURING MAJOR 
DISASTERS. 
‘‘(a) PURPOSE.—The purpose of this Act, and the 
amendments made by this Act, is to protect consumers’ 
credit from negative impacts as a result of financial hard-
ship due to the coronavirus disease (COVID–19) outbreak 
and future major disasters. 
‘‘(b) REPORTING OF INFORMATION DURING MAJOR 
DISASTERS.— 
‘‘(1) IN GENERAL.—The Fair Credit Reporting 
Act is amended by inserting after section 605B the 
following: 
‘‘ ‘§ 605C. Reporting of information during major dis-
asters 
‘‘ ‘(a) DEFINITIONS.—In this section: 
‘‘ ‘(1) CONSUMER.—With respect to a covered 
period, the term ‘‘consumer’’ shall only include a 
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of the Robert T. Stafford Disaster Relief and Emer-
gency Assistance Act (42 U.S.C. 4121 et seq.) relat-
ing to the Coronavirus Disease 2019 (COVID-19) 
pandemic) and ending on the later of— 
‘‘ ‘(A) 120 days after the date of enact-
ment of this section; or 
‘‘ ‘(B) 120 days after the end of the inci-
dent period for such emergency. 
‘‘ ‘(5) MAJOR DISASTER.—The term ‘‘major dis-
aster’’ means a major disaster declared by the Presi-
dent under— 
‘‘ ‘(A) section 401 of the Robert T. Staf-
ford Disaster Relief and Emergency Assistance 
Act (42 U.S.C. 5170),
under which assistance 
is authorized under section 408 of such Act (42 
U.S.C. 5174); or 
‘‘ ‘(B) section 501 of such Act. 
‘‘ ‘(b) MORATORIUM ON FURNISHING ADVERSE IN-
FORMATION DURING COVERED PERIOD.—No person may 
furnish any adverse item of information (except informa-
tion related to a felony criminal conviction) relating to a 
consumer that was the result of any action or inaction that 
occurred during a covered period. 
‘‘ ‘(c) INFORMATION EXCLUDED FROM CONSUMER 
REPORTS.—In addition to the information described in 
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section 605(a), no consumer reporting agency may make 
any consumer report containing an adverse item of infor-
mation (except information related to a felony criminal 
conviction) relating to a consumer that was the result of 
any action or inaction that occurred during a covered pe-
riod. 
‘‘ ‘(d) SUMMARY OF RIGHTS.—Not later than 60 days 
after the date of enactment of this section, the Director 
of the Bureau shall update the model summary of rights 
under section 609(c)(1) to include a description of the 
right of a consumer to— 
‘‘ ‘(1) request the deletion of adverse items of 
information under subsection (e); and 
‘‘ ‘(2) request a consumer report or score, with-
out charge to the consumer, under subsection (f). 
‘‘ ‘(e) DELETION OF ADVERSE ITEMS OF INFORMA-
TION RESULTING FROM
THE CORONAVIRUS DISEASE 
(COVID–19) OUTBREAK AND MAJOR DISASTERS.— 
‘‘ ‘(1) REPORTING.— 
‘‘ ‘(A) IN
GENERAL.—Not later than 60 
days after the date of enactment of this sub-
section, the Director of the Bureau shall create 
a website for consumers to report, under pen-
alty of perjury, economic hardship as a result of 
the coronavirus disease (COVID–19) outbreak 
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1029 
or a major disaster for the purpose of providing 
credit report protections under this subsection. 
‘‘ ‘(B) DOCUMENTATION.—The Director of 
the Bureau shall— 
‘‘ ‘(i) not require any documentation 
from a consumer to substantiate the eco-
nomic hardship; and 
‘‘ ‘(ii) provide notice to the consumer 
that a report under subparagraph (A) is 
under penalty of perjury. 
‘‘ ‘(C) REPORTING
PERIOD.—A consumer 
may report economic hardship under subpara-
graph (A) during a covered period and for 60 
days thereafter. 
‘‘ ‘(2) DATABASE.—The Director of the Bureau 
shall establish and maintain a secure database 
that— 
‘‘ ‘(A) is accessible to each consumer re-
porting agency described in section 603(p) and 
nationwide specialty consumer reporting agency 
for purposes of fulfilling their duties under 
paragraph (3) to check and automatically delete 
any adverse item of information (except infor-
mation related to a felony criminal conviction) 
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reported that occurred during a covered period 
with respect to a consumer; and 
‘‘ ‘(B) contains the information reported 
under paragraph (1). 
‘‘ ‘(3) DELETION OF ADVERSE ITEMS OF INFOR-
MATION
BY
NATIONWIDE
CONSUMER
REPORTING 
AND NATIONWIDE SPECIALTY CONSUMER REPORT-
ING AGENCIES.— 
‘‘ ‘(A) IN GENERAL.—Each consumer re-
porting agency described in section 603(p) and 
each nationwide specialty consumer reporting 
agency shall, using the information contained in 
the database established under paragraph (2), 
delete from the file of each consumer named in 
the database each adverse item of information 
(except information related to a felony criminal 
conviction) that was a result of an action or in-
action that occurred during a covered period or 
in the 270-day period following the end of a 
covered period. 
‘‘ ‘(B) TIMELINE.—Each consumer report-
ing agency described in section 603(p) and each 
nationwide specialty consumer reporting agency 
shall check the database at least weekly and de-
lete adverse items of information as soon as 
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practicable after information that is reported 
under paragraph (1) appears in the database 
established under paragraph (2). 
‘‘ ‘(4) REQUEST
FOR
DELETION
OF
ADVERSE 
ITEMS OF INFORMATION.— 
‘‘ ‘(A) IN GENERAL.—A consumer who has 
filed a report of economic hardship with the 
Bureau may submit a request, without charge 
to the consumer, to a consumer reporting agen-
cy described in section 603(p) or nationwide 
specialty consumer reporting agency to delete 
from the consumer’s file an adverse item of in-
formation (except information related to a fel-
ony criminal conviction) that was a result of an 
action or inaction that occurred during a cov-
ered period or in the 270-day period following 
the end of a covered period. 
‘‘ ‘(B) TIMING.—A consumer may submit a 
request under subparagraph (A), not later than 
the end of the 270-day period described in that 
subparagraph. 
‘‘ ‘(C) REMOVAL
AND
NOTIFICATION.— 
Upon receiving a request under this paragraph 
to delete an adverse item of information, a con-
sumer reporting agency described in section 
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603(p) or nationwide specialty consumer report-
ing agency shall— 
‘‘ ‘(i) delete the adverse item of infor-
mation (except information related to a fel-
ony criminal conviction) from the con-
sumer’s file; and 
‘‘ ‘(ii) notify the consumer and the 
furnisher of the adverse item of informa-
tion of the deletion. 
‘‘ ‘(f) FREE CREDIT REPORT AND SCORES.— 
‘‘ ‘(1) IN GENERAL.—During the period between 
the beginning of a covered period and ending 12- 
months after the end of the covered period, each 
consumer reporting agency described under section 
603(p) and each nationwide specialty consumer re-
porting agency shall make all disclosures described 
under section 609 upon request by a consumer, by 
mail or online, without charge to the consumer and 
without limitation as to the number of requests. 
Such a consumer reporting agency shall also supply 
a consumer, upon request and without charge, with 
a credit score that— 
‘‘ ‘(A) is derived from a credit scoring 
model that is widely distributed to users by the 
consumer reporting agency for the purpose of 
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1034 
covered by the applicable disaster or emergency dec-
laration) as a condition of receiving the file disclo-
sure or score. 
‘‘ ‘(g) POSTING OF RIGHTS.—Not later than 30 days 
after the date of enactment of this section, each consumer 
reporting agency described under section 603(p) and each 
nationwide specialty consumer reporting agency shall 
prominently post and maintain a direct link on the home-
page of the public website of the consumer reporting agen-
cy information relating to the right of consumers to— 
‘‘ ‘(1) request the deletion of adverse items of 
information (except information related to a felony 
criminal conviction) under subsection (e); and 
‘‘ ‘(2) request consumer file disclosures and 
scores, without charge to the consumer, under sub-
section (f). 
‘‘ ‘(h) BAN ON REPORTING MEDICAL DEBT INFOR-
MATION RELATED
TO COVID–19 OR
A MAJOR DIS-
ASTER.— 
‘‘ ‘(1) FURNISHING BAN.—No person shall fur-
nish adverse information to a consumer reporting 
agency related to medical debt if such medical debt 
is with respect to medical expenses related to treat-
ments arising from COVID–19 or a major disaster 
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(whether or not the expenses were incurred during 
a covered period). 
‘‘ ‘(2) CONSUMER REPORT BAN.—No consumer 
reporting agency may make a consumer report con-
taining adverse information related to medical debt 
if such medical debt is with respect to medical ex-
penses related to treatments arising from COVID– 
19 or a major disaster (whether or not the expenses 
were incurred during a covered period). 
‘‘ ‘(i) CREDIT SCORING MODELS.—A person that cre-
ates and implements credit scoring models may not treat 
the absence, omission, or deletion of any information pur-
suant to this section as a negative factor or negative value 
in credit scoring models created or implemented by such 
person.’. 
‘‘(2) TECHNICAL
AND
CONFORMING
AMEND-
MENT.—The table of contents for the Fair Credit 
Reporting Act is amended by inserting after the 
item relating to section 605B the following: 
‘‘ ‘605C. Reporting of information during major disasters.’. 
‘‘SEC. 4021A. LIMITATIONS ON NEW CREDIT SCORING MOD-
ELS DURING THE COVID–19 EMERGENCY AND 
MAJOR DISASTERS. 
‘‘The Fair Credit Reporting Act (15 U.S.C. 1681 et 
seq.) is amended— 
‘‘(1) by adding at the end the following: 
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1036 
‘‘ ‘§ 630. Limitations on new credit scoring models 
during the COVID–19 emergency and 
major disasters 
‘‘ ‘With respect to a person that creates and imple-
ments credit scoring models, such person may not, during 
a covered period (as defined under section 605C), create 
or implement a new credit scoring model (including a revi-
sion to an existing scoring model) if the new credit scoring 
model would identify a significant percentage of con-
sumers as being less creditworthy when compared to the 
previous credit scoring models created or implemented by 
such person.’; and 
‘‘(2) in the table of contents for such Act, by 
adding at the end the following new item: 
‘‘ ‘630. Limitations on new credit scoring models during the COVID–19 emer-
gency and major disasters.’. 
(b) CLERICAL AMENDMENT.—The table of contents 
in section 2 of the CARES Act is amended by striking 
the item relating to section 4021 and inserting the fol-
lowing: 
‘‘Sec. 4021. Reporting of information during major disasters. 
‘‘Sec. 4021A. Limitations on new credit scoring models during the COVID–19 
emergency and major disasters.’’. 
(c) CONFORMING AMENDMENT.—Subparagraph (F) 
of section 623(a)(1) of the Fair Credit Reporting Act (15 
U.S.C. 1681s–2(a)(1)) is hereby repealed. 
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1037 
SEC. 110402. RESTRICTIONS ON COLLECTIONS OF CON-
SUMER DEBT DURING A NATIONAL DISASTER 
OR EMERGENCY. 
(a) IN GENERAL.—The Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692 et seq.) is amended by inserting 
after section 812 (15 U.S.C. 1692j) the following: 
‘‘§ 812A. Restrictions on collections of consumer debt 
during a national disaster or emergency 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) COVERED PERIOD.—The term ‘covered pe-
riod’ means the period beginning on the date of en-
actment of this section and ending 120 days after 
the end of the incident period for the emergency de-
clared on March 13, 2020, by the President under 
section 501 of the Robert T. Stafford Disaster Relief 
and Emergency Assistance Act (42 U.S.C. 4121 et 
seq.) relating to the Coronavirus Disease 2019 
(COVID-19) pandemic. 
‘‘(2) CREDITOR.—The term ‘creditor’ means 
any person— 
‘‘(A) who offers or extends credit creating 
a debt or to whom a debt is owed; or 
‘‘(B) to whom any obligation for payment 
is owed. 
‘‘(3) DEBT.—The term ‘debt’— 
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‘‘(A) means any obligation or alleged obli-
gation that is or during the covered period be-
comes past due, other than an obligation aris-
ing out of a credit agreement entered into after 
the effective date of this section, that arises out 
of a transaction with a consumer; and 
‘‘(B) does not include a mortgage loan. 
‘‘(4) DEBT COLLECTOR.—The term ‘debt col-
lector’ means a creditor and any other person or en-
tity that engages in the collection of debt, including 
the Federal Government and a State government, ir-
respective of whether the applicable debt is allegedly 
owed to or assigned to such creditor, person, or enti-
ty. 
‘‘(5) MORTGAGE
LOAN.—The term ‘mortgage 
loan’ means a covered mortgage loan (as defined 
under section 4022 of the CARES Act) and a multi-
family mortgage loan (as defined under section 4023 
of the CARES Act). 
‘‘(b) PROHIBITIONS.— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of law, no debt collector may, during a cov-
ered period— 
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‘‘(A) enforce a security interest securing a 
debt through repossession, limitation of use, or 
foreclosure; 
‘‘(B) take or threaten to take any action to 
deprive an individual of their liberty as a result 
of nonpayment of or nonappearance at any 
hearing relating to an obligation owed by a con-
sumer; 
‘‘(C) collect any debt, by way of garnish-
ment, attachment, assignment, deduction, off-
set, or other seizure, from— 
‘‘(i) wages, income, benefits, bank, 
prepaid or other asset accounts; or 
‘‘(ii) any assets of, or other amounts 
due to, a consumer; 
‘‘(D) commence or continue an action to 
evict a consumer from real or personal property 
for nonpayment; 
‘‘(E) disconnect or terminate service from 
a utility service, including electricity, natural 
gas, telecommunications or broadband, water, 
or sewer, for nonpayment; or 
‘‘(F) threaten to take any of the foregoing 
actions. 
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‘‘(2) RULE
OF
CONSTRUCTION.—Nothing in 
this section may be construed to prohibit a consumer 
from voluntarily paying, in whole or in part, a debt. 
‘‘(c) LIMITATION ON FEES AND INTEREST.—After 
the expiration of a covered period, a debt collector may 
not add to any past due debt any interest on unpaid inter-
est, higher rate of interest triggered by the nonpayment 
of the debt, or fee triggered prior to the expiration of the 
covered period by the nonpayment of the debt. 
‘‘(e) VIOLATIONS.—Any person or government entity 
that violates this section shall be liable to the applicable 
consumer as provided under section 813, except that, for 
purposes of applying section 813— 
‘‘(1) such person or government entity shall be 
deemed a debt collector, as such term is defined for 
purposes of section 813; and 
‘‘(2) each dollar figure in such section shall be 
deemed to be 10 times the dollar figure specified. 
‘‘(f) TOLLING.—Any applicable time limitations for 
exercising an action prohibited under subsection (b) shall 
be tolled during a covered period. 
‘‘(g) PREDISPUTE ARBITRATION AGREEMENTS.— 
Notwithstanding any other provision of law, no predispute 
arbitration agreement or predispute joint-action waiver 
shall be valid or enforceable with respect to a dispute 
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brought under this section, including a dispute as to the 
applicability of this section, which shall be determined 
under Federal law.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Fair Debt Collection Practices Act is amended by 
inserting after the item relating to section 812 the fol-
lowing: 
‘‘812A. Restrictions on collections of consumer debt during a national disaster 
or emergency.’’. 
SEC. 110403. REPAYMENT PERIOD AND FORBEARANCE FOR 
CONSUMERS. 
Section 812A of the Fair Debt Collection Practices 
Act (15 U.S.C. 1692 et seq.), as added by section 110402, 
is amended— 
(1) by inserting after subsection (c) the fol-
lowing: 
‘‘(d) REPAYMENT PERIOD.—After the expiration of 
a covered period, a debt collector shall comply with the 
following: 
‘‘(1) DEBT ARISING FROM CREDIT WITH A DE-
FINED
PAYMENT
PERIOD.—For any debt arising 
from credit with a defined term, the debt collector 
shall extend the time period to repay any past due 
balance of the debt by— 
‘‘(A) 1 payment period for each payment 
that a consumer missed during the covered pe-
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1042 
riod, with the payments due in the same 
amounts and at the same intervals as the pre- 
existing payment schedule; and 
‘‘(B) 1 payment period in addition to the 
payment periods described under subparagraph 
(A). 
‘‘(2) DEBT ARISING FROM AN OPEN END CRED-
IT PLAN.—For debt arising from an open end credit 
plan, as defined in section 103 of the Truth in 
Lending Act (15 U.S.C. 1602), the debt collector 
shall allow the consumer to repay the past-due bal-
ance in a manner that does not exceed the amounts 
permitted by the methods described in section 
171(c) of the Truth in Lending Act (15 U.S.C. 
1666i–1(c)) and regulations promulgated under that 
section. 
‘‘(3) DEBT ARISING FROM OTHER CREDIT.— 
‘‘(A) IN
GENERAL.—For debt not de-
scribed under paragraph (2) or (3), the debt 
collector shall— 
‘‘(i) allow the consumer to repay the 
past-due balance of the debt in substan-
tially equal payments over time; and 
‘‘(ii) provide the consumer with— 
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‘‘(I) for past due balances of 
$2,000 or less, 12 months to repay, or 
such longer period as the debt col-
lector may allow; 
‘‘(II) for past due balances be-
tween $2,001 and $5,000, 24 months 
to repay, or such longer period as the 
debt collector may allow; or 
‘‘(III) for past due balances 
greater than $5,000, 36 months to 
repay, or such longer period as the 
debt collector may allow. 
‘‘(B) ADDITIONAL PROTECTIONS.—The Di-
rector of the Bureau may issue rules to provide 
greater repayment protections to consumers 
with debts described under subparagraph (A). 
‘‘(C) RELATION
TO
STATE
LAW.—This 
paragraph shall not preempt any State law that 
provides for greater consumer protections than 
this paragraph.’’; and 
(2) by adding at the end the following: 
‘‘(h) FORBEARANCE FOR AFFECTED CONSUMERS.— 
‘‘(1) FORBEARANCE PROGRAM.—Each debt col-
lector that makes use of the credit facility described 
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in paragraph (4) shall establish a forbearance pro-
gram for debts available during the covered period. 
‘‘(2) AUTOMATIC
GRANT
OF
FORBEARANCE 
UPON REQUEST.—Under a forbearance program re-
quired under paragraph (1), upon the request of a 
consumer experiencing a financial hardship due, di-
rectly or indirectly, to COVID–19, the debt collector 
shall grant a forbearance on payment of debt for 
such time as needed until the end of the covered pe-
riod, with no additional documentation required 
other than the borrower’s attestation to a financial 
hardship caused by COVID–19 and with no fees, 
penalties, or interest (beyond the amounts scheduled 
or calculated as if the borrower made all contractual 
payments on time and in full under the terms of the 
loan contract) charged to the borrower in connection 
with the forbearance. 
‘‘(3) EXCEPTION
FOR
CERTAIN
MORTGAGE 
LOANS
SUBJECT
TO
THE
CARES
ACT.—This sub-
section shall not apply to a mortgage loan subject to 
section 4022 or 4023 of the CARES Act.’’. 
SEC. 110404. CREDIT FACILITY. 
Section 812A(h) of the Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692 et seq.), as added by section 
110403, is amended by adding at the end the following: 
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‘‘(4) CREDIT
FACILITY.—The Board of Gov-
ernors of the Federal Reserve System shall— 
‘‘(A) establish a facility, using amounts 
made available under section 4003(b)(4) of the 
CARES Act (15 U.S.C. 9042(b)(4)), to make 
long-term, low-cost loans to debt collectors to 
temporarily compensate such debt collectors for 
documented financial losses caused by forbear-
ance of debt payments under this subsection; 
and 
‘‘(B) defer debt collectors’ required pay-
ments on such loans until after consumers’ debt 
payments resume.’’. 
TITLE V—FORGIVING STUDENT LOAN DEBT 
AND PROTECTING STUDENT BORROWERS 
SEC. 110501. PAYMENTS FOR PRIVATE EDUCATION LOAN 
BORROWERS AS A RESULT OF THE COVID–19 
NATIONAL EMERGENCY. 
(a) IN GENERAL.—Section 140 of the Truth in Lend-
ing Act (15 U.S.C. 1650) is amended by adding at the 
end the following new subsection: 
‘‘(h) COVID–19 NATIONAL EMERGENCY PRIVATE 
EDUCATION LOAN REPAYMENT ASSISTANCE.— 
‘‘(1) AUTHORITY.— 
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‘‘(A) IN GENERAL.—Effective on the date 
of the enactment of this section, until the end 
of September 2021, the Secretary of the Treas-
ury shall, for each borrower of a private edu-
cation loan, pay the total amount due for such 
month on the loan, based on the payment plan 
selected by the borrower or the borrower’s loan 
status. 
‘‘(B) LIMITATION
ON
PAYMENTS.—The 
maximum amount of aggregate payments that 
the Secretary of the Treasury may make under 
subparagraph (A) with respect to an individual 
borrower is $10,000. 
‘‘(2) NO CAPITALIZATION OF INTEREST.—With 
respect to any loan in repayment until the end of 
September 2021, interest due on a private education 
loan during such period shall not be capitalized at 
any time until the end of September 2021. 
‘‘(3) REPORTING
TO
CONSUMER
REPORTING 
AGENCIES.—Until the end of the September 2021— 
‘‘(A) during the period in which the Sec-
retary of the Treasury is making payments on 
a loan under paragraph (1), the Secretary shall 
ensure that, for the purpose of reporting infor-
mation about the loan to a consumer reporting 
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agency, any payment made by the Secretary is 
treated as if it were a regularly scheduled pay-
ment made by a borrower; and 
‘‘(B) no adverse credit information may be 
furnished to a consumer reporting agency for 
any private education loan. 
‘‘(4) NOTICE OF PAYMENTS AND PROGRAM.— 
Not later than 15 days following the date of enact-
ment of this subsection, and monthly thereafter until 
the end of September 2021, the Secretary of the 
Treasury shall provide a notice to all borrowers of 
private education loans— 
‘‘(A) informing borrowers of the actions 
taken under this subsection; 
‘‘(B) providing borrowers with an easily 
accessible method to opt out of the benefits pro-
vided under this subsection; and 
‘‘(C) notifying the borrower that the pro-
gram under this subsection is a temporary pro-
gram and will end at the end of September 
2021. 
‘‘(5) SUSPENSION
OF
INVOLUNTARY
COLLEC-
TION.—Until the end of September 2021, the holder 
of a private education loan shall immediately take 
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action to halt all involuntary collection related to the 
loan. 
‘‘(6) MANDATORY FORBEARANCE.—During the 
period in which the Secretary of the Treasury is 
making payments on a loan under paragraph (1), 
the servicer of such loan shall grant the borrower 
forbearance as follows: 
‘‘(A) A temporary cessation of all pay-
ments on the loan other than the payments of 
interest and principal on the loan that are made 
under paragraph (1). 
‘‘(B) For borrowers who are delinquent 
but who are not yet in default before the date 
on which the Secretary begins making payments 
under paragraph (1), the retroactive application 
of forbearance to address any delinquency. 
‘‘(7) DATA
TO
IMPLEMENT.—Holders and 
servicers of private education loans shall report, to 
the satisfaction of the Secretary of the Treasury, the 
information necessary to calculate the amount to be 
paid under this subsection.’’. 
(b) APPROPRIATION.—Notwithstanding any other 
provision of law, there is appropriated to the Secretary 
of the Treasury, out of amounts in the Treasury not other-
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wise appropriated, $45,000,000,000 to carry out this title 
and the amendments made by this title. 
SEC. 110502. ADDITIONAL PROTECTIONS FOR PRIVATE STU-
DENT LOAN BORROWERS. 
(a) IN GENERAL.— 
(1) REPAYMENT
PLAN
AND
FORGIVENESS 
TERMS.—Each private education loan holder who re-
ceives a monthly payment pursuant to section 
140(h) of the Truth in Lending Act shall modify all 
private education loan contracts that it holds to pro-
vide for the same repayment plan and forgiveness 
terms available to Direct Loans borrowers under 
section 685.209(c) of title 34, Code of Federal Reg-
ulations, in effect as of January 1, 2020. 
(2) TREATMENT OF STATE STATUTES OF LIMI-
TATION.—For a borrower who has defaulted on a 
private education loan under the terms of the prom-
issory note prior to any loan payment made or for-
bearance granted under section 140(h) of the Truth 
in Lending Act, no payment made or forbearance 
granted under such section 140(h) shall be consid-
ered an event that impacts the calculation of the ap-
plicable State statutes of limitation. 
(3) 
PROHIBITION
ON
PRESSURING
BOR-
ROWERS.— 
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(A) IN
GENERAL.—A private education 
loan debt collector or creditor may not pressure 
a borrower to elect to apply any amount re-
ceived pursuant to subsection (b) to any private 
education loan. 
(B) VIOLATIONS.—A violation of this para-
graph is deemed— 
(i) an unfair, deceptive, or abusive act 
or practice under Federal law in connec-
tion with any transaction with a consumer 
for a consumer financial product or service 
under section 1031 of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 
5531); and 
(ii) with respect to a violation by a 
debt collector, an unfair or unconscionable 
means to collect or attempt to collect any 
debt under section 808 of the Federal 
Debt Collection Practices Act (15 U.S.C. 
1692f). 
(C) PRESSURE
DEFINED.—In this para-
graph, the term ‘‘pressure’’ means any commu-
nication, recommendation, or other similar com-
munication, other than providing basic informa-
tion about a borrower’s options, urging a bor-
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(A) the requirements to provide loan relief 
to such borrower under this section; and 
(B) the opportunity for such borrower to 
make an election under paragraph (3)(A) with 
respect to the application of such loan relief to 
the private education loans of such borrower. 
(3) DISTRIBUTION OF FUNDING.— 
(A) ELECTION BY BORROWER.—Not later 
than 45 days after a notice is sent under para-
graph (2), a borrower may elect to apply the 
amount determined with respect to such bor-
rower under paragraph (1) to any private edu-
cation loan of the borrower. 
(B) AUTOMATIC PAYMENT.— 
(i) IN
GENERAL.—In the case of a 
borrower who does not make an election 
under subparagraph (A) before the date 
described in such subparagraph, the Sec-
retary of the Treasury shall apply the 
amount determined with respect to such 
borrower under paragraph (1) in order of 
the private education loan of the borrower 
with the highest interest rate. 
(ii) EQUAL
INTEREST
RATES.—In 
case of two or more private education loans 
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described in clause (i) with equal interest 
rates, the Secretary of the Treasury shall 
apply the amount determined with respect 
to such borrower under paragraph (1) first 
to the loan with the highest principal. 
(c) DEFINITIONS.—In this section: 
(1) FAIR
DEBT
COLLECTION
PRACTICES
ACT 
TERMS.—The terms ‘‘creditor’’ and ‘‘debt collector’’ 
have the meaning given those terms, respectively, 
under section 803 of the Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692a). 
(2) PRIVATE
EDUCATION
LOAN.—The term 
‘‘private education loan’’ has the meaning given the 
term in section 140 of the Truth in Lending Act (15 
U.S.C. 1650). 
TITLE VI—STANDING UP FOR SMALL BUSI-
NESSES, 
MINORITY-OWNED 
BUSINESSES, 
AND NON-PROFITS 
SEC. 110601. RESTRICTIONS ON COLLECTIONS OF SMALL 
BUSINESS AND NONPROFIT DEBT DURING A 
NATIONAL DISASTER OR EMERGENCY. 
(a) IN GENERAL.—The Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692 et seq.), as amended by section 
110402, is further amended by inserting after section 
812A the following: 
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‘‘§ 812B. Restrictions on collections of small business 
and nonprofit debt during a national dis-
aster or emergency 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) COVERED PERIOD.—The term ‘covered pe-
riod’ means the period beginning on the date of en-
actment of this section and ending 120 days after 
the end of the incident period for the emergency de-
clared on March 13, 2020, by the President under 
section 501 of the Robert T. Stafford Disaster Relief 
and Emergency Assistance Act (42 U.S.C. 4121 et 
seq.) relating to the Coronavirus Disease 2019 
(COVID-19) pandemic. 
‘‘(2) CREDITOR.—The term ‘creditor’ means 
any person— 
‘‘(A) who offers or extends credit creating 
a debt or to whom a debt is owed; or 
‘‘(B) to whom any obligation for payment 
is owed. 
‘‘(3) DEBT.—The term ‘debt’— 
‘‘(A) means any obligation or alleged obli-
gation that is or during the covered period be-
comes past due, other than an obligation aris-
ing out of a credit agreement entered into after 
the effective date of this section, that arises out 
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of a transaction with a nonprofit organization 
or small business; and 
‘‘(B) does not include a mortgage loan. 
‘‘(4) DEBT COLLECTOR.—The term ‘debt col-
lector’ means a creditor and any other person or en-
tity that engages in the collection of debt, including 
the Federal Government and a State government, ir-
respective of whether the applicable debt is allegedly 
owed to or assigned to such creditor, person, or enti-
ty. 
‘‘(5) MORTGAGE
LOAN.—The term ‘mortgage 
loan’ means a covered mortgage loan (as defined 
under section 4022 of the CARES Act) and a multi-
family mortgage loan (as defined under section 4023 
of the CARES Act). 
‘‘(6) NONPROFIT
ORGANIZATION.—The term 
‘nonprofit organization’ means an organization that 
is described in section 501(c)(3) of the Internal Rev-
enue Code of 1986 and that is exempt from taxation 
under section 501(a) of such Code. 
‘‘(7) SMALL BUSINESS.—The term ‘small busi-
ness’ has the meaning given the term ‘small business 
concern’ in section 3 of the Small Business Act (15 
U.S.C. 632). 
‘‘(b) PROHIBITIONS.— 
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‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of law, no debt collector may, during a cov-
ered period— 
‘‘(A) enforce a security interest securing a 
debt through repossession, limitation of use, or 
foreclosure; 
‘‘(B) take or threaten to take any action to 
deprive an individual of their liberty as a result 
of nonpayment of or nonappearance at any 
hearing relating to an obligation owed by a 
small business or nonprofit organization; 
‘‘(C) collect any debt, by way of garnish-
ment, attachment, assignment, deduction, off-
set, or other seizure, from— 
‘‘(i) wages, income, benefits, bank, 
prepaid or other asset accounts; or 
‘‘(ii) any assets of, or other amounts 
due to, a small business or nonprofit orga-
nization; 
‘‘(D) commence or continue an action to 
evict a small business or nonprofit organization 
from real or personal property for nonpayment; 
‘‘(E) disconnect or terminate service from 
a utility service, including electricity, natural 
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gas, telecommunications or broadband, water, 
or sewer, for nonpayment; or 
‘‘(F) threaten to take any of the foregoing 
actions. 
‘‘(2) RULE
OF
CONSTRUCTION.—Nothing in 
this section may be construed to prohibit a small 
business or nonprofit organization from voluntarily 
paying, in whole or in part, a debt. 
‘‘(c) LIMITATION ON FEES AND INTEREST.—After 
the expiration of a covered period, a debt collector may 
not add to any past due debt any interest on unpaid inter-
est, higher rate of interest triggered by the nonpayment 
of the debt, or fee triggered prior to the expiration of the 
covered period by the nonpayment of the debt. 
‘‘(e) VIOLATIONS.—Any person or government entity 
that violates this section shall be liable to the applicable 
small business or nonprofit organization as provided under 
section 813, except that, for purposes of applying section 
813— 
‘‘(1) such person or government entity shall be 
deemed a debt collector, as such term is defined for 
purposes of section 813; and 
‘‘(2) such small business or nonprofit organiza-
tion shall be deemed a consumer, as such term is de-
fined for purposes of section 813. 
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‘‘(f) TOLLING.—Any applicable time limitations for 
exercising an action prohibited under subsection (b) shall 
be tolled during a covered period. 
‘‘(g) PREDISPUTE ARBITRATION AGREEMENTS.— 
Notwithstanding any other provision of law, no predispute 
arbitration agreement or predispute joint-action waiver 
shall be valid or enforceable with respect to a dispute 
brought under this section, including a dispute as to the 
applicability of this section, which shall be determined 
under Federal law.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Fair Debt Collection Practices Act, as amended 
by section 110402, is further amended by inserting after 
the item relating to section 812A the following: 
‘‘812B. Restrictions on collections of small business and nonprofit debt during 
a national disaster or emergency.’’. 
SEC. 110602. REPAYMENT PERIOD AND FORBEARANCE FOR 
SMALL BUSINESSES AND NONPROFIT ORGA-
NIZATIONS. 
Section 812B of the Fair Debt Collection Practices 
Act (15 U.S.C. 1692 et seq.), as added by section 110601, 
is amended— 
(1) by inserting after subsection (c) the fol-
lowing: 
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‘‘(d) REPAYMENT PERIOD.—After the expiration of 
a covered period, a debt collector shall comply with the 
following: 
‘‘(1) DEBT ARISING FROM CREDIT WITH A DE-
FINED
PAYMENT
PERIOD.—For any debt arising 
from credit with a defined term, the debt collector 
shall extend the time period to repay any past due 
balance of the debt by— 
‘‘(A) 1 payment period for each payment 
that a small business or nonprofit organization 
missed during the covered period, with the pay-
ments due in the same amounts and at the 
same intervals as the pre-existing payment 
schedule; and 
‘‘(B) 1 payment period in addition to the 
payment periods described under subparagraph 
(A). 
‘‘(2) DEBT ARISING FROM AN OPEN END CRED-
IT PLAN.—For debt arising from an open end credit 
plan, as defined in section 103 of the Truth in 
Lending Act (15 U.S.C. 1602), the debt collector 
shall allow the small business or nonprofit organiza-
tion to repay the past-due balance in a manner that 
does not exceed the amounts permitted by the meth-
ods described in section 171(c) of the Truth in 
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Lending Act (15 U.S.C. 1666i–1(c)) and regulations 
promulgated under that section. 
‘‘(3) DEBT ARISING FROM OTHER CREDIT.— 
‘‘(A) IN
GENERAL.—For debt not de-
scribed under paragraph (2) or (3), the debt 
collector shall— 
‘‘(i) allow the small business or non-
profit organization to repay the past-due 
balance of the debt in substantially equal 
payments over time; and 
‘‘(ii) provide the small business or 
nonprofit organization with— 
‘‘(I) for past due balances of 
$2,000 or less, 12 months to repay, or 
such longer period as the debt col-
lector may allow; 
‘‘(II) for past due balances be-
tween $2,001 and $5,000, 24 months 
to repay, or such longer period as the 
debt collector may allow; or 
‘‘(III) for past due balances 
greater than $5,000, 36 months to 
repay, or such longer period as the 
debt collector may allow. 
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‘‘(B) ADDITIONAL PROTECTIONS.—The Di-
rector of the Bureau may issue rules to provide 
greater repayment protections to small busi-
nesses and nonprofit organizations with debts 
described under subparagraph (A). 
‘‘(C) RELATION
TO
STATE
LAW.—This 
paragraph shall not preempt any State law that 
provides for greater small business or nonprofit 
organization protections than this paragraph.’’; 
and 
(2) by adding at the end the following: 
‘‘(h) FORBEARANCE FOR AFFECTED SMALL BUSI-
NESSES AND NONPROFIT ORGANIZATIONS.— 
‘‘(1) FORBEARANCE PROGRAM.—Each debt col-
lector that makes use of the credit facility described 
in paragraph (4) shall establish a forbearance pro-
gram for debts available during the covered period. 
‘‘(2) AUTOMATIC
GRANT
OF
FORBEARANCE 
UPON REQUEST.—Under a forbearance program re-
quired under paragraph (1), upon the request of a 
small business or nonprofit organization experi-
encing a financial hardship due, directly or indi-
rectly, to COVID–19, the debt collector shall grant 
a forbearance on payment of debt for such time as 
needed until the end of the covered period, with no 
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additional documentation required other than the 
small business or nonprofit organization’s attestation 
to a financial hardship caused by COVID–19 and 
with no fees, penalties, or interest (beyond the 
amounts scheduled or calculated as if the borrower 
made all contractual payments on time and in full 
under the terms of the loan contract) charged to the 
borrower in connection with the forbearance. 
‘‘(3) EXCEPTION
FOR
CERTAIN
MORTGAGE 
LOANS
SUBJECT
TO
THE
CARES
ACT.—This sub-
section shall not apply to a mortgage loan subject to 
section 4022 or 4023 of the CARES Act.’’. 
SEC. 110603. CREDIT FACILITY. 
Section 812B(h) of the Fair Debt Collection Prac-
tices Act (15 U.S.C. 1692 et seq.), as added by section 
110602, is amended by adding at the end the following: 
‘‘(4) CREDIT
FACILITY.—The Board of Gov-
ernors of the Federal Reserve System shall— 
‘‘(A) establish a facility, using amounts 
made available under section 4003(b)(4) of the 
CARES Act (15 U.S.C. 9042(b)(4)), to make 
long-term, low-cost loans to debt collectors to 
temporarily compensate such debt collectors for 
documented financial losses caused by forbear-
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1063 
ance of debt payments under this subsection; 
and 
‘‘(B) defer debt collectors’ required pay-
ments on such loans until after small businesses 
or nonprofit organizations’ debt payments re-
sume.’’. 
SEC. 110604. MAIN STREET LENDING PROGRAM REQUIRE-
MENTS. 
(a) IN GENERAL.—Section 4003(c)(3)(D)(ii) of the 
CARES Act (15 U.S.C. 9042(c)(3)(D)(ii)) is amended— 
(1) by striking ‘‘Nothing in this subparagraph 
shall limit the discretion of the Board of Governors 
of the Federal Reserve System to’’ and inserting the 
following: 
‘‘(I) IN GENERAL.—The Board of 
Governors of the Federal Reserve Sys-
tem shall’’; and 
(2) by adding at the end the following: 
‘‘(II) REQUIREMENTS.—In car-
rying out subclause (I), the Board of 
Governors of the Federal Reserve Sys-
tem— 
‘‘(aa) shall make non-profit 
organizations eligible for any pro-
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1064 
gram or facility established under 
such subclause; 
‘‘(bb) shall create a low-cost 
loan option tailored to the unique 
needs of non-profit organizations, 
including the ability to defer pay-
ments and, solely for non-profit 
organizations that are ineligible 
to receive a covered loan under 
section 7(a)(36) of the Small 
Business 
Act 
(15 
U.S.C. 
636(a)(36)) and that predomi-
nantly serve low-income commu-
nities, as determined by the Fed-
eral Reserve, have the loans for-
given by the Department of the 
Treasury for a similar purpose to 
maintain payroll and operations 
provided under the Paycheck 
Protection 
Program, 
notwith-
standing section 4003(d)(3) of 
the CARES Act;’’. 
(b) DEADLINE.—Not later than the end of the 5-day 
period beginning on the date of enactment of this Act, the 
Board of Governors of the Federal Reserve System shall 
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issue such rules or take such other actions as may be nec-
essary to implement the requirements made by the amend-
ments made by this section. 
SEC. 110605. OPTIONS FOR SMALL BUSINESSES AND NON- 
PROFITS UNDER THE MAIN STREET LENDING 
PROGRAM. 
(a) IN GENERAL.—Section (c)(3)(D)(ii)(II) of the 
CARES Act (15 U.S.C. 9042(c)(3)(D)(ii)(II)), as added 
by section 110604, is further amended by adding at the 
end the following: 
‘‘(cc) shall provide at least 
one low-cost loan option that 
small businesses and small non- 
profits are eligible for that does 
not have a minimum loan size;’’. 
(b) DEADLINE.—Not later than the end of the 5-day 
period beginning on the date of enactment of this Act, the 
Board of Governors of the Federal Reserve System shall 
issue such rules or take such other actions as may be nec-
essary to implement the requirements made by the amend-
ments made by this section. 
SEC. 110606. SAFE BANKING. 
(a) SHORT TITLE; PURPOSE.— 
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1066 
(1) SHORT TITLE.—This section may be cited 
as the ‘‘Secure And Fair Enforcement Banking Act 
of 2020’’ or the ‘‘SAFE Banking Act of 2020’’. 
(2) PURPOSE.—The purpose of this section is 
to increase public safety by ensuring access to finan-
cial services to cannabis-related legitimate businesses 
and service providers and reducing the amount of 
cash at such businesses. 
(b) SAFE
HARBOR
FOR
DEPOSITORY
INSTITU-
TIONS.— 
(1) IN GENERAL.—A Federal banking regulator 
may not— 
(A) terminate or limit the deposit in-
surance or share insurance of a depository 
institution under the Federal Deposit In-
surance Act (12 U.S.C. 1811 et seq.), the 
Federal Credit Union Act (12 U.S.C. 1751 
et seq.), or take any other adverse action 
against a depository institution under sec-
tion 8 of the Federal Deposit Insurance 
Act (12 U.S.C. 1818) solely because the 
depository institution provides or has pro-
vided financial services to a cannabis-re-
lated legitimate business or service pro-
vider; 
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(B) prohibit, penalize, or otherwise 
discourage a depository institution from 
providing financial services to a cannabis- 
related legitimate business or service pro-
vider or to a State, political subdivision of 
a State, or Indian Tribe that exercises ju-
risdiction over cannabis-related legitimate 
businesses; 
(C) recommend, incentivize, or en-
courage a depository institution not to 
offer financial services to an account hold-
er, or to downgrade or cancel the financial 
services offered to an account holder solely 
because— 
(i) the account holder is a can-
nabis-related legitimate business or 
service provider, or is an employee, 
owner, or operator of a cannabis-re-
lated legitimate business or service 
provider; 
(ii) the account holder later be-
comes an employee, owner, or oper-
ator of a cannabis-related legitimate 
business or service provider; or 
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(iii) the depository institution 
was not aware that the account holder 
is an employee, owner, or operator of 
a cannabis-related legitimate business 
or service provider; 
(D) take any adverse or corrective su-
pervisory action on a loan made to— 
(i) a cannabis-related legitimate 
business or service provider, solely be-
cause the business is a cannabis-re-
lated legitimate business or service 
provider; 
(ii) an employee, owner, or oper-
ator of a cannabis-related legitimate 
business or service provider, solely be-
cause the employee, owner, or oper-
ator is employed by, owns, or operates 
a cannabis-related legitimate business 
or service provider, as applicable; or 
(iii) an owner or operator of real 
estate or equipment that is leased to 
a cannabis-related legitimate business 
or service provider, solely because the 
owner or operator of the real estate or 
equipment leased the equipment or 
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1069 
real estate to a cannabis-related legiti-
mate business or service provider, as 
applicable; or 
(E) prohibit or penalize a depository 
institution (or entity performing a financial 
service for or in association with a deposi-
tory institution) for, or otherwise discour-
age a depository institution (or entity per-
forming a financial service for or in asso-
ciation with a depository institution) from, 
engaging in a financial service for a can-
nabis-related legitimate business or service 
provider. 
(2) SAFE HARBOR APPLICABLE TO DE NOVO IN-
STITUTIONS.—Paragraph (1) shall apply to an insti-
tution applying for a depository institution charter 
to the same extent as such subsection applies to a 
depository institution. 
(c) PROTECTIONS FOR ANCILLARY BUSINESSES.— 
For the purposes of sections 1956 and 1957 of title 18, 
United States Code, and all other provisions of Federal 
law, the proceeds from a transaction involving activities 
of a cannabis-related legitimate business or service pro-
vider shall not be considered proceeds from an unlawful 
activity solely because— 
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(1) the transaction involves proceeds from a 
cannabis-related legitimate business or service pro-
vider; or 
(2) the transaction involves proceeds from— 
(A) cannabis-related activities described in 
subsection (n)(4)(B) conducted by a cannabis- 
related legitimate business; or 
(B) activities described in subsection 
(n)(13)(A) conducted by a service provider. 
(d) PROTECTIONS UNDER FEDERAL LAW.— 
(1) IN GENERAL.—With respect to providing a 
financial service to a cannabis-related legitimate 
business or service provider within a State, political 
subdivision of a State, or Indian country that allows 
the cultivation, production, manufacture, sale, trans-
portation, display, dispensing, distribution, or pur-
chase of cannabis pursuant to a law or regulation of 
such State, political subdivision, or Indian Tribe 
that has jurisdiction over the Indian country, as ap-
plicable, a depository institution, entity performing a 
financial service for or in association with a deposi-
tory institution, or insurer that provides a financial 
service to a cannabis-related legitimate business or 
service provider, and the officers, directors, and em-
ployees of that depository institution, entity, or in-
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surer may not be held liable pursuant to any Federal 
law or regulation— 
(A) solely for providing such a financial 
service; or 
(B) for further investing any income de-
rived from such a financial service. 
(2) PROTECTIONS
FOR
FEDERAL
RESERVE 
BANKS AND FEDERAL HOME LOAN BANKS.—With 
respect to providing a service to a depository institu-
tion that provides a financial service to a cannabis- 
related legitimate business or service provider (where 
such financial service is provided within a State, po-
litical subdivision of a State, or Indian country that 
allows the cultivation, production, manufacture, sale, 
transportation, display, dispensing, distribution, or 
purchase of cannabis pursuant to a law or regulation 
of such State, political subdivision, or Indian Tribe 
that has jurisdiction over the Indian country, as ap-
plicable), a Federal reserve bank or Federal Home 
Loan Bank, and the officers, directors, and employ-
ees of the Federal reserve bank or Federal Home 
Loan Bank, may not be held liable pursuant to any 
Federal law or regulation— 
(A) solely for providing such a service; or 
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(B) for further investing any income de-
rived from such a service. 
(3) PROTECTIONS
FOR
INSURERS.—With re-
spect to engaging in the business of insurance within 
a State, political subdivision of a State, or Indian 
country that allows the cultivation, production, man-
ufacture, sale, transportation, display, dispensing, 
distribution, or purchase of cannabis pursuant to a 
law or regulation of such State, political subdivision, 
or Indian Tribe that has jurisdiction over the Indian 
country, as applicable, an insurer that engages in 
the business of insurance with a cannabis-related le-
gitimate business or service provider or who other-
wise engages with a person in a transaction permis-
sible under State law related to cannabis, and the 
officers, directors, and employees of that insurer 
may not be held liable pursuant to any Federal law 
or regulation— 
(A) solely for engaging in the business of 
insurance; or 
(B) for further investing any income de-
rived from the business of insurance. 
(4) FORFEITURE.— 
(A) DEPOSITORY INSTITUTIONS.—A depos-
itory institution that has a legal interest in the 
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collateral for a loan or another financial service 
provided to an owner, employee, or operator of 
a cannabis-related legitimate business or service 
provider, or to an owner or operator of real es-
tate or equipment that is leased or sold to a 
cannabis-related legitimate business or service 
provider, shall not be subject to criminal, civil, 
or administrative forfeiture of that legal inter-
est pursuant to any Federal law for providing 
such loan or other financial service. 
(B) FEDERAL RESERVE BANKS AND FED-
ERAL HOME LOAN BANKS.—A Federal reserve 
bank or Federal Home Loan Bank that has a 
legal interest in the collateral for a loan or an-
other financial service provided to a depository 
institution that provides a financial service to a 
cannabis-related legitimate business or service 
provider, or to an owner or operator of real es-
tate or equipment that is leased or sold to a 
cannabis-related legitimate business or service 
provider, shall not be subject to criminal, civil, 
or administrative forfeiture of that legal inter-
est pursuant to any Federal law for providing 
such loan or other financial service. 
(e) RULES OF CONSTRUCTION.— 
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(1) NO REQUIREMENT TO PROVIDE FINANCIAL 
SERVICES.—Nothing in this section shall require a 
depository institution, entity performing a financial 
service for or in association with a depository insti-
tution, or insurer to provide financial services to a 
cannabis-related legitimate business, service pro-
vider, or any other business. 
(2) GENERAL
EXAMINATION, 
SUPERVISORY, 
AND ENFORCEMENT AUTHORITY.—Nothing in this 
section may be construed in any way as limiting or 
otherwise restricting the general examination, super-
visory, and enforcement authority of the Federal 
banking regulators, provided that the basis for any 
supervisory or enforcement action is not the provi-
sion of financial services to a cannabis-related legiti-
mate business or service provider. 
(f) REQUIREMENTS FOR FILING SUSPICIOUS ACTIV-
ITY REPORTS.—Section 5318(g) of title 31, United States 
Code, is amended by adding at the end the following: 
‘‘(5) REQUIREMENTS FOR CANNABIS-RELATED 
LEGITIMATE BUSINESSES.— 
‘‘(A) IN GENERAL.—With respect to a fi-
nancial institution or any director, officer, em-
ployee, or agent of a financial institution that 
reports a suspicious transaction pursuant to 
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1075 
this subsection, if the reason for the report re-
lates to a cannabis-related legitimate business 
or service provider, the report shall comply with 
appropriate guidance issued by the Financial 
Crimes Enforcement Network. The Secretary 
shall ensure that the guidance is consistent with 
the purpose and intent of the SAFE Banking 
Act of 2020 and does not significantly inhibit 
the provision of financial services to a cannabis- 
related legitimate business or service provider in 
a State, political subdivision of a State, or In-
dian country that has allowed the cultivation, 
production, manufacture, transportation, dis-
play, dispensing, distribution, sale, or purchase 
of cannabis pursuant to law or regulation of 
such State, political subdivision, or Indian 
Tribe that has jurisdiction over the Indian 
country. 
‘‘(B) DEFINITIONS.—For purposes of this 
paragraph: 
‘‘(i) CANNABIS.—The term ‘cannabis’ 
has the meaning given the term ‘mari-
huana’ in section 102 of the Controlled 
Substances Act (21 U.S.C. 802). 
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‘‘(ii) CANNABIS-RELATED LEGITIMATE 
BUSINESS.—The term ‘cannabis-related le-
gitimate business’ has the meaning given 
that term in subsection (n) of the SAFE 
Banking Act of 2020. 
‘‘(iii) INDIAN
COUNTRY.—The term 
‘Indian country’ has the meaning given 
that term in section 1151 of title 18. 
‘‘(iv) INDIAN TRIBE.—The term ‘In-
dian Tribe’ has the meaning given that 
term in section 102 of the Federally Rec-
ognized Indian Tribe List Act of 1994 (25 
U.S.C. 479a). 
‘‘(v) FINANCIAL SERVICE.—The term 
‘financial service’ has the meaning given 
that term in subsection (n) of the SAFE 
Banking Act of 2020. 
‘‘(vi) SERVICE PROVIDER.—The term 
‘service provider’ has the meaning given 
that term in subsection (n) of the SAFE 
Banking Act of 2020. 
‘‘(vii) 
STATE.—The 
term 
‘State’ 
means each of the several States, the Dis-
trict of Columbia, Puerto Rico, and any 
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