,,ii  #aaith ,,congress  #ast ,session  
,s4 #biie  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,october #i1   
#bjbe ,mr4 ,van ,hollen 7for himself1   
,ms4 ,alsobrooks1 ,mr4 ,kaine1 ,mr4     
,warner1 ,mrs4 ,gillibrand1 ,mr4        
,booker1 and ,mr4 ,merkley7 introduced  
the following bill2 which was read twice
 and referred to the ,committee on      
,banking1 ,housing1 and ,urban ,affairs 
,a ,,bill  ,to require the ,federal     
financial regulators to issue guidance  
encouraging financial institutions to   
work with consumers and businesses      
affected by a ,federal ,government      
shutdown1 and for other purposes4  #a4  
,short title  ,this ,act may be cited as
 the ,shutdown ,guidance for ,financial 
,institutions ,act4  #b4  ,shutdown     
guidance for financial institutions  7a7
  ,definitions  ,in this section3 7#a7  
,consumer affected by a shutdown ,the   
term consumer affected by a shutdown    
means an individual who is an employee  
of--  7,a7 the ,federal ,government1 and

 who is furloughed or excepted from a   
furlough during a shutdown2  7,b7 the   
,district of ,columbia1 and who is not  
receiving pay because of a shutdown2 or 
7,c7 a ,federal contractor or other     
business1 and who has experienced a     
substantial reduction in pay due to the 
shutdown4  7#b7  ,consumers and         
businesses affected by a shutdown  ,the 
term consumers and businesses affected  
by a shutdown means--  7,a7 a consumer  
affected by a shutdown2 and  7,b7 a     
,federal contractor 7as defined under   
section #gaja of title #da1 ,united     
,states ,code7 or other business that   
has experienced a substantial reduction 
in income due to the shutdown4  7#c7    
,federal contractor  ,the term ,federal 
contractor has the meaning given the    
term contractor in section #gaja of     
title #da1 ,united ,states ,code4  7#d7 
,federal financial regulators  ,the term
 ,federal financial regulators means the
 ,board of ,governors of the ,federal   
,reserve ,system1 the ,bureau of        

,consumer ,financial ,protection1 the   
,comptroller of the ,currency1 the      
,federal ,deposit ,insurance            
,corporation1 and the ,national ,credit 
,union ,administration4  7#e7  ,shutdown
  ,the term shutdown means any period in
 which there is more than a #bd-;hour   
lapse in appropriations as a result of a
 failure to enact a regular             
appropriations bill or continuing       
resolution4  7b7  ,guidance  ,not later 
than the end of the #ahj-;day period    
beginning on the date of enactment of   
this ,act1 the ,federal financial       
regulators jointly1 in consultation with
 ,state banking regulators and other    
appropriate ,federal and ,state         
agencies1 shall issue shutdown guidance 
to the financial institutions they      
regulate encouraging the financial      
institutions to--  7#a7 work with       
consumers and businesses affected by a  
shutdown2  7#b7 recognize that consumers
 and businesses affected by a shutdown  
may lose access to credit and face      

temporary hardship in making payments on
 debts such as mortgages1 student loans1
 car loans1 business loans1 or credit   
cards2  7#c7 consider prudent efforts to
 modify terms on existing loans or      
extend new credit to help consumers and 
businesses affected by a shutdown1      
consistent with safe-and-sound lending  
practices2 and  7#d7 take steps to      
prevent adverse information being       
reported in a manner that harms         
consumers affected by a shutdown1       
including by preventing modified credit 
arrangements intended to help consumers 
fulfill their financial obligations from
 being reported to1 and coded by1       
consumer reporting agencies on a        
consumer report in a manner that hurts  
the creditworthiness of the consumer4   
7c7  ,notice of guidance during a       
shutdown  ,not later than the end of the
 #bd-;hour period beginning at the start
 of a shutdown1 the ,federal financial  
regulators jointly shall issue a press  
release to alert financial institutions1

 consumers1 and businesses to the       
existence and content of the guidance   
issued under to subsection 7b74  7d7    
,post-,shutdown report to ,congress and 
updated guidance  7#a7  ,in general     
,not later than the end of the #ij-;day 
period beginning on the date on which a 
shutdown ends1 the ,federal financial   
regulators jointly shall submit to      
,congress a report that contains an     
analysis of the effectiveness of the    
guidance issued pursuant to subsection  
7b74  7#b7  ,updated guidance  ,not     
later than the end of the #ahj-;day     
period beginning on the date on which a 
report is issued under paragraph 7#a71  
the ,federal financial regulators shall 
update the guidance required under      
subsection 7b7 if any shortcomings are  
identified in the report4