Coronavirus Accounting Relief Act

Bill: 116-hr-6249
Sponsor: full_name: Rep. Luetkemeyer, Blaine [R-MO-3]
Introduced: 2020-03-12
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Banking and financial institutions regulation

Cardiovascular and respiratory health

Credit and credit markets

Emergency medical services and trauma care

Infectious and parasitic diseases
Latest action: action_date: 2020-03-12
text: 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.

Summaries:
action_date: 2020-03-12
action_desc: Introduced in House
text: <p><b>Coronavirus Accounting Relief Act</b></p> <p>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.)</p> <p>The prohibition ends six months after the date of enactment. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6249 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.

1. Short title This Act may be cited as the Coronavirus Accounting Relief Act . 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).