1. Short title
This Act may be cited as the “Federal Workers Banking Assistance Act”.
Federal Workers Banking Assistance Act
A BILL
To amend the Community Reinvestment Act of 1977 to provide financial institutions with credit for providing assistance during Government shutdowns.
2. CRA credit for providing assistance during Government shutdowns
Section 804 of the Community Reinvestment Act of 1977 (12 U.S.C. 2903) is amended by adding at the end the following:
“(e) Assistance during Government shutdowns
“(1) In general—In assessing and taking into account, under subsection (a), the record of a financial institution, the appropriate Federal financial supervisory agency shall consider, as a factor, efforts of the financial institution to modify terms on existing loans, extend new loans with low- to no-interest rates, or the waiving of fees to help covered employees, if such modification or extension is done in a safe and sound manner.
“(2) Guidance—The appropriate Federal financial supervisory agencies shall issue guidance with respect to this subsection not later than the end of the 7-day period following—
“(A) the date of enactment of this subsection; and
“(B) any lapse in Federal appropriations.
“(3) Covered employee—For purposes of this subsection, the term “covered employee” means—
“(A) a Federal or District of Columbia employee furloughed or excepted from such furlough during any lapse in Federal appropriations; and
“(B) a Federal contractor who, during any lapse in Federal appropriations, is not receiving pay by reason of such lapse.”