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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Shutdown Guidance 
for Financial Institutions Act’’. 
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 in a manner that harms consumers 
affected by a shutdown, including by preventing 
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modified credit arrangements intended to help con-
sumers fulfill their financial obligations from being 
reported to, and coded by, consumer reporting agen-
cies on a consumer’s credit report in a manner that 
hurts the creditworthiness of the consumer. 
(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 TO CONGRESS AND 
UPDATED GUIDANCE.— 
(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). 
(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-
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quired under subsection (a) if any shortcomings are 
identified in such report. 
(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. 
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(3) FEDERAL
FINANCIAL
REGULATORS.—The 
term ‘‘Federal financial regulators’’ means the 
Board of Governors of the Federal Reserve System, 
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. 
SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 
The budgetary effects of this Act, for the purpose of 
complying with the Statutory Pay-As-You-Go Act of 2010, 
shall be determined by reference to the latest statement 
titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 
Act, submitted for printing in the Congressional Record 
by the Chairman of the House Budget Committee, 
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provided that such statement has been submitted prior to 
the vote on passage. 
Passed the House of Representatives September 19, 
2019. 
Attest: 
CHERYL L. JOHNSON, 
Clerk. 
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