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Bill > S1564


US S1564

Continued Encouragement for Consumer Lending Act


summary

Introduced
05/21/2019
In Committee
05/21/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

A bill to require the Securities and Exchange Commission and certain Federal agencies to carry out a study relating to accounting standards, and for other purposes. This bill directs the Securities and Exchange Commission and federal financial regulators to report on the implementation of the Current Expected Credit Losses (CECL) accounting standard and its impact on credit availability, capital requirements, and financial institutions. Required compliance with the CECL standard is delayed until one year after submission of this report.

AI Summary

This bill, the Continued Encouragement for Consumer Lending Act, directs the Securities and Exchange Commission (SEC) and federal financial regulators to conduct a study on the implementation of the Current Expected Credit Losses (CECL) accounting standard and its impact on credit availability, capital requirements, and financial institutions. The bill requires the SEC and regulators to report on any negative impacts of CECL and provide recommendations to eliminate or mitigate those impacts. Additionally, the bill delays the implementation of CECL until one year after the report is submitted to Congress.

Committee Categories

Housing and Urban Affairs

Sponsors (21)

Last Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 05/21/2019)

bill text


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