Interagency Pandemic Guidance for Consumers Act

I 116TH CONGRESS 2D SESSION H. R. 6378 To require the Federal financial regulators to issue interagency regulatory guidance in order to provide forms of relief to borrowers and customers during pandemics and major disasters, to continue to operate and provide services and lending, and to require such regulators to conduct testing with financial institutions to assess pandemic or disaster preparedness, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MARCH 23, 2020 Ms. WEXTON introduced the following bill; which was referred to the Com- mittee on Financial Services, and in addition to the Committee on Agri- culture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdic- tion of the committee concerned A BILL To require the Federal financial regulators to issue inter- agency regulatory guidance in order to provide forms of relief to borrowers and customers during pandemics and major disasters, to continue to operate and provide services and lending, and to require such regulators to conduct testing with financial institutions to assess pan- demic or disaster preparedness, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 18:25 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6378.IH H6378 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 6378 IH SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘Interagency Pandemic 2 Guidance for Consumers Act’’. 3 SEC. 2. INTERAGENCY PANDEMIC GUIDANCE. 4 (a) GUIDANCE.—Not later than the end of the 60- 5 day period beginning on the date of enactment of this Act, 6 the Federal financial regulators shall issue interagency 7 regulatory guidance on preparedness, flexibility, and relief 8 options for consumers in pandemics and major disasters, 9 such as deferment, forbearance, affordable payment plan 10 options, and other options such as delays on debt collec- 11 tions and wage garnishments. 12 (b) UPDATES.—The Federal financial regulators 13 shall update the guidance required under subsection (a) 14 as necessary to keep such guidance current. 15 SEC. 3. PANDEMIC PREPAREDNESS TESTING. 16 (a) IN GENERAL.—Not later than the end of the 2- 17 year period beginning on the date of enactment of this 18 Act, and every 5 years thereafter, the Federal financial 19 regulators shall carry out testing along with the institu- 20 tions regulated by the Federal financial regulators to de- 21 termine how effectively such institutions will be able to 22 respond to a pandemic or major disaster. 23 (b) REPORT.—After the end of each test required 24 under subsection (a), the Federal financial regulators 25 shall, jointly, issue a report to Congress containing the 26 VerDate Sep 11 2014 18:25 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6378.IH H6378 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 6378 IH results of such test and any regulatory or legislative rec- 1 ommendations the regulators may have to increase pan- 2 demic preparedness. 3 SEC. 4. DEFINITIONS. 4 In this Act: 5 (1) FEDERAL FINANCIAL REGULATORS.—The 6 term ‘‘Federal financial regulators’’ means the 7 Board of Governors of the Federal Reserve System, 8 the Bureau of Consumer Financial Protection, the 9 Comptroller of the Currency, the Director of the 10 Federal Housing Finance Agency, the Federal De- 11 posit Insurance Corporation, the National Credit 12 Union Administration, the Secretary of Agriculture, 13 and the Secretary of Housing and Urban Develop- 14 ment. 15 (2) MAJOR DISASTER.—The term ‘‘major dis- 16 aster’’ means a major disaster declared by the Presi- 17 dent under section 401 of the Robert T. Stafford 18 Disaster Relief and Emergency Assistance Act (42 19 U.S.C. 5170), under which assistance is authorized 20 under section 408 of such Act (42 U.S.C. 5174), or 21 section 501 of such Act (42 U.S.C. 5191). 22 Æ VerDate Sep 11 2014 18:25 Apr 09, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H6378.IH H6378 pamtmann on DSKBC07HB2PROD with BILLS