What does Preamble of Shutdown Guidance for Financial Institutions Act do?

This bill, formally titled 'To require the Federal financial regulators to issue guidance encouraging financial institutions to work with consumers and businesses affected by a Federal Government shutdown, and for other purposes,' aims to address the impact of federal government shutdowns on financial institutions, consumers, and businesses. The bill directs federal financial regulators to issue guidance. This guidance is intended to encourage financial institutions to assist consumers and businesses negatively impacted by federal government shutdowns.

What does SHORT TITLE. of Shutdown Guidance for Financial Institutions Act do?

This bill is formally titled the 'Shutdown Guidance for Financial Institutions Act'.

What does SHUTDOWN GUIDANCE FOR FINANCIAL INSTITUTIONS. of Shutdown Guidance for Financial Institutions Act do?

This section directs Federal financial regulators to issue guidance to financial institutions regarding actions to take during government shutdowns. The guidance should encourage institutions to work with consumers and businesses affected by shutdowns, recognizing potential hardship in making payments. Financial institutions are encouraged to consider modifying loan terms or extending new credit, consistent with safe-and-sound lending practices. The guidance aims to prevent adverse information from being reported to credit agencies regarding modified arrangements intended to help consumers fulfill their obligations. Federal financial regulators must issue a press release within 24 hours of a shutdown to alert institutions, consumers, and businesses to the guidance. A report analyzing the effectiveness of the guidance must be submitted to Congress within 90 days of a shutdown's end. The guidance will be updated within 180 days of the report's issuance if shortcomings are identified. The term 'shutdown' is defined as a lapse in appropriations exceeding 24 hours. The term 'consumers affected by a shutdown' includes furloughed federal employees, employees of the District of Columbia not receiving pay, and those experiencing a substantial reduction in pay due to a shutdown.

What does DETERMINATION OF BUDGETARY EFFECTS. of Shutdown Guidance for Financial Institutions Act do?

This section outlines how the budgetary effects of the Act will be determined. The determination will be based on a statement titled 'Budgetary Effects of PAYGO Legislation'. This statement must be submitted for printing in the Congressional Record by the Chairman of the House Budget Committee before the vote on passage.

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Shutdown Guidance for Financial Institutions Act

Last updated: 10/3/2025 · Introduced: 10/3/2025

Author: Suhas Subramanyam (D-VA)

TL;DR (AI)

This bill mandates federal financial regulators to issue guidance encouraging financial institutions to assist consumers and businesses facing hardship during government shutdowns.
The guidance promotes loan term modifications and extended credit options for affected individuals, such as furloughed federal employees, while preventing negative credit reporting for these arrangements.
Within 90 days of a shutdown's end, regulators must submit a report to Congress analyzing the guidance's effectiveness and update it if necessary.

119th Congressin committeeOfficial page

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Includes provisions on preamble, short title., and 2 more.

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