I 

116TH CONGRESS 

1ST SESSION H. R. 3182 

To require the Securities and Exchange Commission and certain Federal 

agencies to carry out a study relating to accounting standards, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 10, 2019 

Mr. GONZALEZ of Texas (for himself, Mr. SHERMAN, Mr. DAVID SCOTT of 

Georgia, Mr. GOTTHEIMER, Mr. CUELLAR, Mr. LUETKEMEYER, Mr. WILLIAMS, Mr. HILL of Arkansas, Mr. LOUDERMILK, and Mr. BUDD) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘CECL Consumer Im5 pact and Study Bill of 2019’’. 


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1 SEC. 2. DEFINITIONS. 

2 In this Act— 

3 (1) the term ‘‘appropriate committees of Con4 gress’’ means— 

5 (A) the Committee on Banking, Housing, 

6 and Urban Affairs of the Senate; and 

7 (B) the Committee on Financial Services 

8 of the House of Representatives; 

9 (2) the term ‘‘CECL’’ means the accounting 

10 standard in ‘‘Accounting Standards Update 2016– 

11 13, Financial Instruments—Credit Losses (Topic 

12 326)’’, issued by the Financial Accounting Stand13 ards Board in June 2016, as amended by ‘‘Account14 ing Standards Update 2018–19, Codification Im15 provements to Topic 326, Financial Instruments— 

16 Credit Losses’’, issued by the Financial Accounting 

17 Standards Board in November 2018; 

18 (3) the term ‘‘Commission’’ means the Securi19 ties and Exchange Commission; 

20 (4) the term ‘‘Federal financial regulators’’ 

21 means— 

22 (A) the Secretary of the Treasury; 

23 (B) the Board of Governors of the Federal 

24 Reserve System; 

25 (C) the Bureau of Consumer Financial 

26 Protection; 


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1 (D) the Comptroller of the Currency; 

2 (E) the Commodity Futures Trading Com3 mission; 

4 (F) the Federal Deposit Insurance Cor5 poration; 

6 (G) the Director of the Federal Housing 

7 Finance Agency; and 

8 (H) the National Credit Union Administra9 tion; and 

10 (5) the term ‘‘small business concern’’ has the 

11 meaning given the term in section 3(a) of the Small 

12 Business Act (15 U.S.C. 632(a)). 

13 SEC. 3. STUDY AND REPORT. 

14 (a) IN GENERAL.—The Commission and the Federal 

15 financial regulators, in consultation with the Financial Ac16 counting Standards Board, shall conduct a quantitative 

17 study of— 

18 (1) the potential impact that the implementa19 tion of CECL may have on the availability of credit, 

20 with a particular focus on the impact on that avail21 ability— 

22 (A) for consumers and small business con23 cerns; and 

24 (B) with respect to the credit products on 

25 which consumers and small business concerns 


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1 rely during periods of economic expansion and 

2 during recessions; 

3 (2) whether implementing CECL could— 

4 (A) accelerate the depletion of regulatory 

5 capital that is available for lending purposes 

6 during a recession; 

7 (B) have a greater impact on regulatory 

8 capital, or extend the period in which regulatory 

9 capital is reduced, during a recession; or 

10 (C) pose any other systemic risks to the 

11 economy of the United States; 

12 (3) the potentially disproportionate impact that 

13 the implementation of CECL may have on financial 

14 institutions, taking into account— 

15 (A) the various sizes and levels of com16 plexity of those financial institutions; and 

17 (B) the different amounts of resources that 

18 are available to those financial institutions; 

19 (4) the potential impact that the implementa20 tion of CECL may have on the decisions made by 

21 investors; and 

22 (5) the potential competitive impact that the 

23 implementation of CECL may have on institutions 

24 in the United States as a result of differing interVerDate Sep 11 2014 05:04 Jun 13, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H3182.IH H3182

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1 national accounting standards used to measure cred2 it loss. 

3 (b) REPORT.—Not later than 1 year after the date 

4 of enactment of this Act, the Commission and the Federal 

5 financial regulators shall submit to the Financial Account6 ing Standards Board and the appropriate committees of 

7 Congress a report— 

8 (1) regarding the results of the study conducted 

9 under subsection (a); and 

10 (2) that shall include— 

11 (A) the identification of any negative im12 pacts resulting from the implementation of 

13 CECL; and 

14 (B) recommendations for changes to 

15 CECL to eliminate or mitigate the negative im16 pacts described in subparagraph (A). 

17 SEC. 4. COST-BENEFIT STUDY OF CECL IMPACT ON NON-FI18 NANCIAL INSTITUTIONS, INSURERS, AND 

19 GOVERNMENT-SPONSORED ENTERPRISES. 

20 (a) STUDY.—The Commission and the Federal finan21 cial regulators, in consultation with the Financial Ac22 counting Standards Board, shall carry out a study on the 

23 potential costs and benefits of the impact of CECL on 

24 non-financial institutions, the insurance industry (includ25 ing reinsurance), and Government-sponsored enterprises. 


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1 (b) REPORT.—Not later than 1 year after the date 

2 of enactment of this Act, the Commission and the Federal 

3 financial regulators shall submit to the Financial Account4 ing Standards Board and the appropriate committees of 

5 Congress a report containing all findings and determina6 tions made in carrying out the study required under sub7 section (a). 

8 SEC. 5. DELAY IN IMPLEMENTATION OF CECL. 

9 During the period beginning on the date of enactment 

10 of this Act and ending on the date that is 1 year after 

11 the date on which the Commission and the Federal finan12 cial regulators submit the report required under section 

13 3(b), neither the Commission nor any of the Federal fi14 nancial regulators may require a person to comply with 

15 CECL. 

Æ 


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