Title: Coronavirus Accounting Relief Act
Policy area: Finance and Financial Sector

Summary:
Coronavirus Accounting Relief Act
This bill temporarily prohibits financial regulators from requiring any person impacted by COVID-19 (coronavirus disease 2019) to comply with the current expected credit loss rule issued by the Financial Accounting Standards Board in June 2016. (This rule establishes a credit loss accounting standard based on expected losses rather than incurred losses.)
The prohibition ends six months after the date of enactment.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6249 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6249

To temporarily prohibit the Federal financial regulators from requiring 
 compliance with the CECL Rule by persons impacted by Coronavirus, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 12, 2020

 Mr. Luetkemeyer (for himself, Mr. Barr, Mr. Steil, Mr. Huizenga, Mr. 
 Williams, and Mr. Riggleman) 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 temporarily prohibit the Federal financial regulators from requiring 
 compliance with the CECL Rule by persons impacted by Coronavirus, and 
                          for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Coronavirus Accounting Relief Act''.

SEC. 2. NON-APPLICATION OF THE CECL RULE BY FEDERAL FINANCIAL 
              REGULATORS.

    (a) In General.--Notwithstanding any other provision of law, a 
Federal financial regulator may not require any person impacted by 
Coronavirus to comply with the CECL Rule under any Federal statute or 
rule during the 6-month period beginning on the date of enactment of 
this Act.
    (b) Definitions.--In this section:
            (1) CECL rule.--The term ``CECL Rule'' means the accounting 
        standard contained in the Accounting Standards Update No. 2016-
        13 of the Financial Accounting Standards Board, titled 
        ``Financial Instruments--Credit Losses (Topic 326): Measurement 
        of Credit Losses on Financial Instruments'' issued June 2016.
            (2) Federal financial regulator.--The term ``Federal 
        financial regulator'' means the Department of the Treasury, the 
        Board of Governors of the Federal Reserve System, the Office of 
        the Comptroller of the Currency, the Securities and Exchange 
        Commission, the Commodity Futures Trading Commission, the 
        Federal Deposit Insurance Corporation, the Federal Housing 
        Finance Agency, and the National Credit Union Administration.
            (3) Impacted by coronavirus.--The term ``Impacted by 
        Coronavirus'' means any negative effect on revenue, earnings, 
        income, debt, or equity, and any additional negative effect 
        identified by any Federal financial regulator, due to the 
        Coronavirus Disease 2019 (COVID-19).
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