S. 2995 · Where this bill is now
In committee
Introduced in the Senate, Oct 9, 2025
What this bill does
In plain words · AI-written from the official summaryGuides banks on helping during shutdowns
When the government shuts down, federal financial regulators like the Federal Reserve and FDIC would work together to create guidance telling banks how to help people and businesses struggling during that time. The guidance encourages banks to work with customers who can't pay bills, offer new loans or change loan terms, and avoid reporting negative credit information that would hurt customers' credit scores. After a shutdown ends, regulators would report back on how well the guidance worked and make updates if needed.
How it affects you
If you're a small business owner or someone with loans and debts, this could mean your bank would have guidelines encouraging them to work with you if you face financial hardship during a government shutdown. You might get help modifying your loan terms or getting extensions on payments, and the bank would be discouraged from damaging your credit score during the shutdown period.
Read the official summary (Introduced in Senate, Oct 9, 2025)
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.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionS. 2995
A BILL
Shutdown Guidance for Financial Institutions Act
Sponsor: Sen. Chris Van Hollen (D-MD) · Introduced Oct 9, 2025 · Finance and Financial Sector · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Oct 9, 2025: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.”