SEC. 2. SENSE OF CONGRESS RELATING TO COMMUNITY 
BANKER-SMALL BUSINESS PARTNERSHIP EN-
HANCEMENT. 
It is the sense of Congress that a depository institu-
tion may delay any requirements for a payment on a loan 
made to a small business concern substantially affected 
by COVID–19 for the period during which such concern 
is unable to make any payment due. 
SEC. 3. TEMPORARY RELIEF FROM TROUBLED DEBT RE-
STRUCTURING DISCLOSURES. 
Notwithstanding any other provision of law, an in-
sured depository institution that modifies a loan to a small 
business concern substantially affected by COVID–19 in 
a troubled debt restructuring on or after March 13, 2020, 
shall not be required to comply with the identification and 
disclosures standards issued by the Financial Accounting 
Standards Board Accounting Standards Codification Sub-
topic 310–40 (‘‘Receivables—Troubled Debt Restructur-
ings by Creditors’’) for purposes of section 27(a)(2)(A) of 
the Federal Deposit Insurance Act, until such time and 
under such circumstances as the appropriate Federal 
banking agency determines appropriate. 
SEC. 4. DELAYED IMPLEMENTATION FOR CECL. 
No Federal agency, including any of the Federal fi-
nancial regulators, may require a depository institution 
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that has been substantially affected by COVID–19 to com-
ply with CECL for any purpose. 
SEC. 5. DEFINITIONS. 
In this Act: 
(1) CECL.—The term ‘‘CECL’’ means the ac-
counting standard in ‘‘Accounting Standards Update 
2016–13, Financial Instruments—Credit Losses 
(Topic 326)’’, issued by the Financial Accounting 
Standards Board in June 2016, as amended by ‘‘Ac-
counting Standards Update 2018–19, Codification 
Improvements to Topic 326, Financial Instru-
ments—Credit Losses’’, issued by the Financial Ac-
counting Standards Board in November 2018. 
(2) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ means any bank or savings as-
sociation. 
(3) FEDERAL DEPOSIT INSURANCE ACT DEFINI-
TIONS.—The terms ‘‘appropriate Federal banking 
agency’’ and ‘‘insured depository institution’’ have 
the meanings given such terms, respectively, in sec-
tion 3 of the Federal Deposit Insurance Act. 
(4) FEDERAL
FINANCIAL
REGULATORS.—The 
term ‘‘Federal financial regulators’’ means— 
(A) the Department of the Treasury; 
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(B) the Board of Governors of the Federal 
Reserve System; 
(C) the Bureau of Consumer Financial 
Protection; 
(D) the Office of the Comptroller of the 
Currency; 
(E) the Commodity Futures Trading Com-
mission; 
(F) the Federal Deposit Insurance Cor-
poration; 
(G) the Federal Housing Finance Agency; 
(H) the National Credit Union Administra-
tion; and 
(I) the Securities and Exchange Commis-
sion. 
(5) SMALL
BUSINESS
CONCERN.—The term 
‘‘small business concern’’ has the meaning given 
such term under section 3 of the Small Business 
Act. 
(6) SUBSTANTIALLY
AFFECTED.—The term 
‘‘substantially affected by COVID–19’’ means, with 
respect to a small business concern or depository in-
stitution, an experience of any of the following as 
the result of Federal, State, or local government ac-
tion taken to reduce the impact of COVID–19: 
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(A) Supply chain disruptions, including 
changes in— 
(i) quantity and lead time, including 
the number of shipments of components 
and delays in shipments; 
(ii) quality, including shortages in 
supply for quality control reasons; and 
(iii) technology, including a com-
promised payment network. 
(B) Staffing challenges. 
(C) Decrease in sales or customers. 
(D) Shuttered businesses. 
(E) Negative effects on revenue, earnings, 
income, debt, or equity. 
(F) Any additional negative effect identi-
fied by any Federal financial regulator. 
Æ 
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