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house Bill H. Res. 77

Should the House Call On Banks to Work Proactively With Clients Affected by the Gov’t Shutdown?

Argument in favor

Federal employees who were affected by the partial government shutdown were put into tight financial positions through no fault of their own. Since this was a bad situation they couldn’t control, these people shouldn’t face credit downgrades resulting from the shutdown and the House asking banks to work with them is helpful.

Bandcman's Opinion
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01/29/2019
Hard working people were made pawns. The banks got bailed out when they were in trouble and executives received millions. They can help out the little folks for a change
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01/29/2019
This past government shutdown was extremely detrimental not only to individuals, but also to the national economy. The government should work as hard as possible to get its workers back on its feet and back to work and NOT shut down the government again once our three weeks are up.
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Chickie's Opinion
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01/29/2019
Not everyone who was affected by the government partial shutdown had money saved, could borrow from a parent or had other means available to survive 35 days without pay. Most federal employees, contracted employees, outer circle people, (Uber drivers, cabbies, street vendors, etc.), who were affected by the shutdown, live paycheck to paycheck. Now there is the looming threat by #45 that if he doesn’t get his Useless Wall, (UW), he’ll shut down the government again. Sen. Mitch McConnell, will you step up and allow a bill onto the Senate floor that reflects the wants of a majority of Americans and does NOT include taxpayer funding for a UW? Are you willing to do what is right should the bill be vetoed by #45, bring the bill back to the Senate for the 2/3’s vote to override the veto and pass the bill into law? There is no emergent threat at our Southern borders. There is only racial motivated hate from #45 and his administration against families, men, women, children and babies looking for help from the US so they can find hope and peace.
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Argument opposed

Banks & credit unions were already working with impacted clients and given that the government shutdown was 35 days, and a single 30-day late payment shouldn’t impact most people’s credit scores, most federal employees shouldn’t see damage to their credit scores. This bill is a non-binding empty gesture.

Guy's Opinion
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01/29/2019
I understand why this might be a good thing but it is not the Government’s responsibility. Talk about socialism.
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Mark's Opinion
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01/29/2019
Less government, not more. Literally every time government gets involved with banking BAD things happen. Every single time.
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ConservativeGuy's Opinion
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01/29/2019
Please stop trying to push your leftist views on everybody. Government employees get a lot of positives and a few inconveniences. BTW, my wife works for DHS. We have savings. We are fine. Thanks for your concern.
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simple resolution Progress


  • The house Passed January 29th, 2019
    Passed by Voice Vote
      house Committees
      Committee on Financial Services
    IntroducedJanuary 25th, 2019

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What is House Bill H. Res. 77?

This resolution would express the sense of the House that financial institutions and other companies should work proactively with their customers who’ve been affected by the federal government shutdown, and who may be facing short-term financial hardship and long-term damage to their creditworthiness due to the shutdown.

As a simple resolution, this non-binding bill wouldn’t advance beyond the House if passed.

Impact

Federal workers affected by the partial government shutdown; financial institutions; companies; and credit reporting agencies.

Cost of House Bill H. Res. 77

A CBO cost estimate is unavailable.

More Information

In-DepthRep. Maxine Waters (D-CA) introduced this resolution to help protect federal employees who were affected by the most recent partial government shutdown from damage to their credit scores during the shutdown.

During the shutdown, many credit unions offered low- or no-interest loans with generous repayment terms. The Credit Union National Association (CUNA) wrote to Rep. Waters on this issue, saying:

“Without having been asked by the government, credit unions took immediate action and responded to the needs of their members facing financial crisis as a result of the shutdown. Credit unions are on the ground helping those affected on a widespread basis and are honored to stand with their members during this time.”


Of NoteAround 800,000 federal workers missed two paychecks during the partial government shutdown. Many workers turned to loans to make ends meet — either through credit unions or via big banks. Others used personal loans, payday loans, credit-card cash advances, and 401(k) loans.

Of the overall situation workers found themselves in, Vox wrote:

“It is true that some banks and credit unions have devised loans specifically for workers affected by the shutdown and are waiving charges such as overdraft fees and interest charges. But lenders are working with clients on a case-by-case basis, meaning not everyone is getting the same deal. And workers are being forced to take on debt that they wouldn’t have had to otherwise.”

Leisyka Parrott, a furloughed Bureau of Land Management employee, summarized her situation during the shutdown thusly:

“I have the luxury that friends have loaned me one paycheck. The thing is when you get back pay, all the fees that you incur by missing payments – you don’t get paid back for those. If you are late for a payment and have a $25 fee, the government doesn’t pay for that.”

During the shutdown, Bankrate reported that there were no protections for furloughed government employees with regard to derogatory credit marks that they might accumulate during a shutdown. Bankrate reported that the Fair Credit Reporting Act (FCRA), the chief federal law that regulates credit reporting, didn’t have any provisions to protect furloughed government employees’ credit reports. Thus, if a furloughed government employee fell behind on their payments, there’d be nothing to prevent that late payment from showing up on a future credit report for up to seven years.

Over 16,000 federal workers filed for 0 percent interest loans through the Navy Federal Credit Union during the shutdown, which allowed them to receive advances on missed paychecks in amounts from $250-6000. Various major banks, including Bank of America, Wells Fargo, and Citi, also offered special programs for federal workers. Verizon also waived its late fees and agent assistance fees for federal workers.

Generally, one 30-day late payment shouldn’t cause lasting damage to credit scores, unless it’s part of a persistent pattern. A 60-day late payment would likely do more damage, and a 90-day late payment could hurt credit scores for seven years.


Media:

Summary by Lorelei Yang

(Photo Credit: iStockphoto.com / Casper1774Studio)

AKA

Expressing the sense of Congress that financial institutions and other companies should work proactively with their customers affected by the shutdown of the Federal Government who may be facing short-term financial hardship and long-term damage to their

Official Title

Expressing the sense of Congress that financial institutions and other companies should work proactively with their customers affected by the shutdown of the Federal Government who may be facing short-term financial hardship and long-term damage to their creditworthiness through no fault of their own.

    Hard working people were made pawns. The banks got bailed out when they were in trouble and executives received millions. They can help out the little folks for a change
    Like (35)
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    I understand why this might be a good thing but it is not the Government’s responsibility. Talk about socialism.
    Like (21)
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    They need help through no fault of their own. President should be charged something for such irresponsible behavior. This should not be allowed. There needs to be some kind of law and Congress needs to hold him accountable for all his corrupt and unconstitutional actions
    Like (49)
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    This past government shutdown was extremely detrimental not only to individuals, but also to the national economy. The government should work as hard as possible to get its workers back on its feet and back to work and NOT shut down the government again once our three weeks are up.
    Like (28)
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    And pay any fees they may have incurred
    Like (16)
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    Not everyone who was affected by the government partial shutdown had money saved, could borrow from a parent or had other means available to survive 35 days without pay. Most federal employees, contracted employees, outer circle people, (Uber drivers, cabbies, street vendors, etc.), who were affected by the shutdown, live paycheck to paycheck. Now there is the looming threat by #45 that if he doesn’t get his Useless Wall, (UW), he’ll shut down the government again. Sen. Mitch McConnell, will you step up and allow a bill onto the Senate floor that reflects the wants of a majority of Americans and does NOT include taxpayer funding for a UW? Are you willing to do what is right should the bill be vetoed by #45, bring the bill back to the Senate for the 2/3’s vote to override the veto and pass the bill into law? There is no emergent threat at our Southern borders. There is only racial motivated hate from #45 and his administration against families, men, women, children and babies looking for help from the US so they can find hope and peace.
    Like (15)
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    Less government, not more. Literally every time government gets involved with banking BAD things happen. Every single time.
    Like (13)
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    The employees affected by the shutdown are not at fault for Congress’ inability to do their jobs. Banks are continuously given handouts and bailouts, it’s time that the banks did the same for their customers.
    Like (11)
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    It wouldn’t hurt, but maybe the Republicans in Congress, and executive branch, should just pay for all penalties that the victims were affected by. Go back to root cause. The banks have their own nefarious acts that will be prosecuted at some time.
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    Yes, because they were unwilling pawns in a political game that hurt very real lives over a racist monument of a wall. It's the very least that can be done for people thant wanted to do their jobs, but couldn't
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    Please stop trying to push your leftist views on everybody. Government employees get a lot of positives and a few inconveniences. BTW, my wife works for DHS. We have savings. We are fine. Thanks for your concern.
    Like (9)
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    Pass the STUPID bill
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    The federal workers impacted by the shutdown should definitely be given a lot of leeway on their unpaid bills—as well as having any negative marks on their credit due to these late or unpaid bills removed from their credit report. Speaking of credit reports, can we please just get rid of Equifax? One of their main responsibilities was to safeguard everyone’s PII (Personally Identifiable Information), and they not only failed to do so, but they hid it until their CEO and others at the top could sell-off their shares! That, I believe, is called Insider Trading…
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    All, I say all Americans should live under their income, and have six months pay in an emergency savings account. It can be done. Check out Dave Ramsey.
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    When you choose to live as a parasite on society, it is a real risk that from time to time your host might restrict your predation. Banks should not be told to ignore that risk in evaluating such people for credit worthiness.
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    I think that considering Trump happily shut the government workers down, basically blaming them for being furloughed,taxpayers shouldn't have to bear the burden that a reckless president caused. Take some of the funding from the defense budget and make right the wrongs that were committed against these workers.
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    The word “proactive” is misused here as the government shutdown has already happened. Government should be more responsible when deciding to “shutdown” over disagreements citing that it leaves unprotected those they are sworn to protect and serve.
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    This is EXTREMELY important!!!! Furthermore, any and all negative statements entered into the Credit Reports of affected Federal Employees during the dates of the Partial Government Shutdown MUST be removed without delay (Congress MUST pass a law, and the President MUST sign the law stating thusly)!!!! None of this was the fault of the employee!!
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    Not government responsibility.
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    Since the President caused the problem, he should pay for it with his money! If he’s as Rich as he says this shouldn’t hurt him!
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