Coronavirus Guidance for Financial Institutions Act

Coronavirus Guidance for Financial Institutions Act

This bill directs 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 report on the effectiveness of the joint release issued by federal and state financial regulators on March 9, 2020, encouraging financial institutions to meet the needs of customers affected by the coronavirus (i.e., the virus that causes COVID-19).

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6265 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6265

   To provide the sense of Congress related to the joint release on 
   Coronavirus issued by Federal and State financial regulators, to 
require a report analyzing the effectiveness of the joint release, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 12, 2020

Mr. Stivers (for himself, Mr. Hill of Arkansas, Mr. Huizenga, Mr. Barr, 
 and Mr. McHenry) introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To provide the sense of Congress related to the joint release on 
   Coronavirus issued by Federal and State financial regulators, to 
require a report analyzing the effectiveness of the joint release, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Coronavirus Guidance for Financial 
Institutions Act''.

SEC. 2. FINDINGS; SENSE OF CONGRESS RELATED TO THE CORONAVIRUS.

    (a) Findings.--The Congress finds the following:
            (1) On March 9, 2020, six Federal and State financial 
        regulators, including the Federal Deposit Insurance 
        Corporation, the Bureau of Consumer Financial Protection, the 
        Conference of State Banking Supervisors, the Board of Governors 
        of the Federal Reserve System, the National Credit Union 
        Administration, and the Office of the Comptroller of the 
        Currency issued a joint release encouraging financial 
        institutions to meet the needs of their customers and members 
        affected by the Coronavirus.
            (2) On March 11, 2020, the World Health Organization 
        declared the Coronavirus a global pandemic.
    (b) Sense of Congress.--It is the sense of Congress that Federal 
and State financial regulators acted in a thoughtful and expedient 
manner to assist customers who may be affected by the Coronavirus.
    (c) Coronavirus Defined.--In this section, the term ``Coronavirus'' 
means the Coronavirus Disease 2019 (COVID-19).

SEC. 3. REPORT TO CONGRESS.

    (a) In General.--After the end of the 1-year period beginning on 
the date of enactment of this Act, the Federal financial regulators 
shall, jointly, issue a report to Congress containing an analysis of 
the impact and effectiveness of the joint release described under 
section 2(a)(1).
    (b) Federal Financial Regulators Defined.--In this section, the 
term ``Federal financial regulators'' means the Board of Governors of 
the Federal Reserve System, the Bureau of Consumer Financial 
Protection, the Comptroller of the Currency, the Federal Deposit 
Insurance Corporation, and the National Credit Union Administration.
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