S. 2995

Shutdown Guidance for Financial Institutions Act This bill directs financial regulators—including 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 jointly issue guidance relating to a government shutdown. Specifically, financial regulators must issue guidance encouraging financial institutions to • work with consumers and businesses affected by a shutdown, • recognize that consumers and businesses affected by a shutdown may lose access to credit and face temporary hardship in making payments on debts, • consider efforts to modify terms on existing loans or extend new credit to assist consumers and businesses affected by a shutdown, and • take steps to prevent adverse credit information from being reported in a manner that harms consumers affected by a shutdown. In addition, financial regulators must jointly issue a press release to notify financial institutions, consumers, and businesses of this guidance in the event of a government shutdown. Financial regulators must also complete a report after a government shutdown regarding the guidance's effectiveness and update the guidance if any shortcoming are identified in the report.