summary
Introduced
05/21/2019
05/21/2019
In Committee
05/21/2019
05/21/2019
Crossed Over
Passed
Dead
12/31/2020
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)
Thom Tillis (R)*,
Roy Blunt (R),
John Boozman (R),
Bill Cassidy (R),
John Cornyn (R),
Tom Cotton (R),
Kevin Cramer (R),
Ted Cruz (R),
Steve Daines (R),
Joni Ernst (R),
Deb Fischer (R),
Cindy Hyde-Smith (R),
James Inhofe (R),
John Neely Kennedy (R),
James Lankford (R),
Jerry Moran (R),
David Perdue (R),
Pat Roberts (R),
Mike Rounds (R),
John Thune (R),
Pat Toomey (R),
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 05/21/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/1564/all-info |
| BillText | https://www.congress.gov/116/bills/s1564/BILLS-116s1564is.pdf |
| Bill | https://www.congress.gov/116/bills/s1564/BILLS-116s1564is.pdf.pdf |
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