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1 1 (March 16, 2020)

handle is hein.crs/govciyr0001 and id is 1 raw text is: Researh Sevice The Financial Industry and Consumers Struggling to Pay Bills during the COVID-19 (Coronavirus) Outbreak March 16, 2020 A growing number of cases of Coronavirus Disease 2019 (COVID- 19) have been identified in the United States, significantly impacting many communities. For background on the coronavirus, see CRS In Focus IF 11421, CO VID-19: Global Implications and Responses, by Sara M. Tharakan et al. This outbreak may continue to cause disruptions as federal, state, and local governments limit public gatherings, close schools, and encourage workers to telework to contain the coronavirus's spread. While this situation is evolving rapidly, the economic impact may be large due to illnesses, quarantines, and other business disruptions. Consequently, many Americans may lose income and face financial hardship due to the coronavirus outbreak. Some workers may need to take time off work if they or their families fall ill. In addition, layoffs or reduced hours may impact workers in particular industries affected by the outbreak, such as the travel, restaurant, and entertainment industries. To address these concerns, on Saturday, March 14, the House passed H.R. 6201, which, among other things, expands sick leave access, unemployment insurance, and food assistance benefits. Even if this bill is enacted, some families may continue to feel the economic impact. This Insight focuses on possible policy options relating to the financial services industry for consumers who may have trouble paying their bills due to the outbreak. Payment Relief for Consumer Loans On Monday, March 9, federal and state financial regulators coordinated a statement to the financial industry, encouraging it to help meet the needs of consumers impacted by the coronavirus outbreak. They stated that financial institutions should work constructively with borrowers and other consumers in affected communities, and that prudent efforts that are consistent with safe and sound lending practices would not be criticized by regulators. This statement was similar to past statements by financial regulators during events such as natural disasters and government shutdowns. On Friday, March 13, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) expanded on this statement with more detailed guidance for the institutions they regulate. Congressional Research Service https://crsreports.congress.gov IN11244 CRS }NStGHT Prepaed for Membeivs and Committees of Conqgre.s

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