Interagency Pandemic Guidance for Consumers Act

Bill: 116-hr-6378
Sponsor: full_name: Rep. Wexton, Jennifer [D-VA-10]
Introduced: 2020-03-23
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Congressional oversight

Consumer Financial Protection Bureau

Consumer credit

Debt collection

Department of Agriculture

Department of Housing and Urban Development

Disaster relief and insurance

Emergency medical services and trauma care

Federal Deposit Insurance Corporation (FDIC)

Federal Housing Finance Agency

Federal Reserve System

Financial crises and stabilization

Government information and archives

Infectious and parasitic diseases

National Credit Union Administration

Wages and earnings
Latest action: action_date: 2020-03-23
text: 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.

Summaries:
action_date: 2020-03-23
action_desc: Introduced in House
text: <p><b>Interagency Pandemic Guidance for Consumers Act </b></p> <p>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. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6378 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.

1. Short title This Act may be cited as the Interagency Pandemic Guidance for Consumers Act . 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. 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. 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 ).