Title: Interagency Pandemic Guidance for Consumers Act
Policy area: Finance and Financial Sector

Summary:
Interagency Pandemic Guidance for Consumers Act
This bill directs financial regulators to issue interagency guidance regarding consumer debt relief options (e.g., deferment, forbearance, and affordable payment plans) in the event of a major disaster or pandemic. Financial regulators must also test financial institutions' response to a pandemic or major disaster every five years and report the results to Congress.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6378 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6378

   To require the Federal financial regulators to issue interagency 
 regulatory guidance in order to provide forms of relief to borrowers 
  and customers during pandemics and major disasters, to continue to 
     operate and provide services and lending, and to require such 
  regulators to conduct testing with financial institutions to assess 
       pandemic or disaster preparedness, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 23, 2020

  Ms. Wexton introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committee on 
Agriculture, 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 interagency 
 regulatory guidance in order to provide forms of relief to borrowers 
  and customers during pandemics and major disasters, to continue to 
     operate and provide services and lending, and to require such 
  regulators to conduct testing with financial institutions to assess 
       pandemic or disaster preparedness, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Interagency Pandemic Guidance for 
Consumers Act''.

SEC. 2. INTERAGENCY PANDEMIC GUIDANCE.

    (a) Guidance.--Not later than the end of the 60-day period 
beginning on the date of enactment of this Act, the Federal financial 
regulators shall issue interagency regulatory guidance on preparedness, 
flexibility, and relief options for consumers in pandemics and major 
disasters, such as deferment, forbearance, affordable payment plan 
options, and other options such as delays on debt collections and wage 
garnishments.
    (b) Updates.--The Federal financial regulators shall update the 
guidance required under subsection (a) as necessary to keep such 
guidance current.

SEC. 3. PANDEMIC PREPAREDNESS TESTING.

    (a) In General.--Not later than the end of the 2-year period 
beginning on the date of enactment of this Act, and every 5 years 
thereafter, the Federal financial regulators shall carry out testing 
along with the institutions regulated by the Federal financial 
regulators to determine how effectively such institutions will be able 
to respond to a pandemic or major disaster.
    (b) Report.--After the end of each test required under subsection 
(a), the Federal financial regulators shall, jointly, issue a report to 
Congress containing the results of such test and any regulatory or 
legislative recommendations the regulators may have to increase 
pandemic preparedness.

SEC. 4. DEFINITIONS.

    In this Act:
            (1) 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 Director of 
        the Federal Housing Finance Agency, the Federal Deposit 
        Insurance Corporation, the National Credit Union 
        Administration, the Secretary of Agriculture, and the Secretary 
        of Housing and Urban Development.
            (2) Major disaster.--The term ``major disaster'' means a 
        major disaster declared by the President under section 401 of 
        the Robert T. Stafford 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 section 501 
        of such Act (42 U.S.C. 5191).
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