Title: Expressing the sense of Congress that financial institutions and other entities should work proactively with their customers affected by the shutdown of the Federal Government who may be facing short-term financial hardship and long-term damage to their creditworthiness through no fault of their own.
Policy area: Finance and Financial Sector

Summary:
This resolution expresses the sense of Congress that financial institutions and other companies should take steps to mitigate the financial hardships faced by customers as a result of the federal government shutdown that began on December 22, 2018.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 77 Introduced in House (IH)]

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116th CONGRESS
  1st Session
H. RES. 77

Expressing the sense of Congress that financial institutions and other 
companies should work proactively with their customers affected by the 
    shutdown of the Federal Government who may be facing short-term 
   financial hardship and long-term damage to their creditworthiness 
                     through no fault of their own.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 25, 2019

 Ms. Waters submitted the following resolution; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                               RESOLUTION


 
Expressing the sense of Congress that financial institutions and other 
companies should work proactively with their customers affected by the 
    shutdown of the Federal Government who may be facing short-term 
   financial hardship and long-term damage to their creditworthiness 
                     through no fault of their own.

    Resolved, That it is the sense of Congress that--
            (1) financial institutions and other companies, such as 
        consumer reporting agencies and companies engaged in the 
        production of consumer scores, should work with consumers 
        affected by the shutdown of the Federal Government that began 
        on December 22, 2018;
            (2) the negative impact the shutdown is having on millions 
        of consumers and the U.S. economy is significant and growing; 
        for example, analysis from S&P Global Ratings estimates that 
        the U.S. economy has already lost more than $6 billion as of 
        January 25, 2019, and will continue to reduce real Gross 
        Domestic Product by $1.2 billion each week the government 
        shutdown continues;
            (3) financial institutions and other companies, such as 
        consumer reporting agencies and companies engaged in the 
        production of consumer scores should provide opportunities for 
        consumers affected by the shutdown--including Federal 
        employees, government contractors, small businesses, and other 
        individuals--who are or will be facing financial distress to 
        easily contact and alert them of their situation immediately;
            (4) affected consumers may face financial hardship in 
        making timely payments on their debts, such as mortgages, 
        student loans, car loans, credit cards, and other debt, as well 
        as paying for rent, food, transportation, school and other 
        basic necessities, due to the temporary delay or permanent loss 
        of their income;
            (5) financial institutions should consider waiving or 
        reducing penalty, late payment, and similar fees as well as 
        ceasing foreclosures and providing forbearance for the duration 
        of the shutdown, in order to provide quick relief to their 
        affected customers;
            (6) consumers affected by the shutdown may be experiencing 
        financial stress through no fault of their own and their 
        creditworthiness should not be impaired because of the 
        shutdown;
            (7) financial institutions and other companies, such as 
        consumer reporting agencies and companies engaged in the 
        production of consumer scores, should take steps to prevent 
        adverse information being reported and utilized in any manner 
        that harms affected consumers, including by preventing modified 
        credit arrangements intended to help consumers fulfill their 
        financial obligations from being reported to, and coded by, 
        consumer reporting agencies on a person's credit report in a 
        manner that hurts the creditworthiness of the affected 
        consumers;
            (8) new products, services, or prudent workout arrangements 
        designed to help affected consumers that are consistent with 
        safe and sound lending practices are generally in the long-term 
        best interest of the financial institution, the consumer, and 
        the economy;
            (9) financial institutions should work proactively to 
        identify their customers who have been affected and adopt 
        flexible, prudent arrangements to help such customers meet 
        their debt and other obligations; and
            (10) prudent efforts to adopt flexible workout arrangements 
        for affected consumers should not be subject to examiner 
        criticism or negative examinations.
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