summary
Introduced
04/17/2020
04/17/2020
In Committee
04/17/2020
04/17/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the CARES Act to ensure that the temporary relief from CECL standards does not terminate in the middle of a company's fiscal year. This bill modifies the delay for required compliance with certain accounting standards applicable to credit losses (i.e., current expected credit losses standards, also known as CECL standards) as applied to insured depository institutions and bank holding companies. Specifically, required compliance with this standard is delayed through the first day of an institution's fiscal year beginning after the end of the emergency declaration regarding the COVID-19 (i.e., coronavirus disease 2019) outbreak. Currently, this delay ends the earlier of the date on which the emergency declaration terminates, or December 31, 2020.
AI Summary
This bill amends the CARES Act to ensure that the temporary relief from the Current Expected Credit Losses (CECL) accounting standards does not terminate in the middle of a company's fiscal year. Specifically, the bill delays the required compliance with CECL standards until the first day of the fiscal year that begins after the national emergency declaration regarding the COVID-19 pandemic terminates. The current delay was set to end on the earlier of the termination of the emergency declaration or December 31, 2020, but this bill extends the relief period to the start of the next fiscal year for affected financial institutions.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to the House Committee on Financial Services. (on 04/17/2020)
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/house-bill/6551/all-info |
| BillText | https://www.congress.gov/116/bills/hr6551/BILLS-116hr6551ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr6551/BILLS-116hr6551ih.pdf.pdf |
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