Coronavirus Guidance for Financial Institutions Act

Bill: 116-hr-6265
Sponsor: full_name: Rep. Stivers, Steve [R-OH-15]
Introduced: 2020-03-12
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Cardiovascular and respiratory health

Congressional oversight

Consumer Financial Protection Bureau

Consumer credit

Department of the Treasury

Emergency medical services and trauma care

Federal Deposit Insurance Corporation (FDIC)

Federal Reserve System

Infectious and parasitic diseases

National Credit Union Administration

State and local government operations
Latest action: action_date: 2020-03-12
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-03-12
action_desc: Introduced in House
text: <p><b>Coronavirus Guidance for Financial Institutions Act </b></p> <p>This bill directs the Federal Reserve Board, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration to report on the effectiveness of the joint release issued by federal and state financial regulators on March 9, 2020, encouraging financial institutions&nbsp;to meet the needs of customers affected by&nbsp;the coronavirus (i.e., the virus that causes COVID-19). </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6265 IN THE HOUSE OF REPRESENTATIVES March 12, 2020 Mr. Stivers (for himself, Mr. Hill of Arkansas , Mr. Huizenga , Mr. Barr , and Mr. McHenry ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To provide the sense of Congress related to the joint release on Coronavirus issued by Federal and State financial regulators, to require a report analyzing the effectiveness of the joint release, and for other purposes.

1. Short title This Act may be cited as the Coronavirus Guidance for Financial Institutions Act . 2. Findings; sense of Congress related to the Coronavirus (a) Findings The Congress finds the following: (1) On March 9, 2020, six Federal and State financial regulators, including the Federal Deposit Insurance Corporation, the Bureau of Consumer Financial Protection, the Conference of State Banking Supervisors, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Office of the Comptroller of the Currency issued a joint release encouraging financial institutions to meet the needs of their customers and members affected by the Coronavirus. (2) On March 11, 2020, the World Health Organization declared the Coronavirus a global pandemic. (b) Sense of Congress It is the sense of Congress that Federal and State financial regulators acted in a thoughtful and expedient manner to assist customers who may be affected by the Coronavirus. (c) Coronavirus defined In this section, the term Coronavirus means the Coronavirus Disease 2019 (COVID–19). 3. Report to Congress (a) In general After the end of the 1-year period beginning on the date of enactment of this Act, the Federal financial regulators shall, jointly, issue a report to Congress containing an analysis of the impact and effectiveness of the joint release described under section 2(a)(1). (b) Federal financial regulators defined In this section, 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.