Financial Support for Citizens During Government Shutdowns
This act aims to ensure financial institutions support citizens and businesses affected by a government shutdown. It means banks and other institutions should be more flexible with loan repayments and avoid negative credit reporting when difficulties arise due to a shutdown.
Key points
Banks and financial institutions will be encouraged to work with individuals and businesses who lose income due to a government shutdown.
Flexible approaches to mortgage, student, car loan, and credit card payments may be considered.
Financial institutions are to prevent adverse credit reporting if payment difficulties are due to a government shutdown.
Expired
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