Banks and Regulators Urged by Lawmakers to Work with Borrowers

Temporary disruptions from the coronavirus shouldn’t lead to consumers having lower credit scores because of missed payments, Democrats on the Senate Banking Committee are telling banking trade groups and regulators in two separate letters.

Virginia Senator Mark Warner, Ranking Member Sherrod Brown of Ohio and six other Democrats said in a letter to Federal Reserve Chairman Jerome Powell, Comptroller of the Currency Joseph Otting and other regulators on Monday that guidance should “encourage financial institutions to take steps to prevent adverse information from being reported to the credit bureaus and utilized in any manner that harms consumers affected by the virus.”