CARES Act Section 4014 Technical Corrections Act

Bill: 116-hr-6551
Sponsor: full_name: Rep. Sherman, Brad [D-CA-30]
Introduced: 2020-04-17
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Bank accounts, deposits, capital

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: 2020-04-17
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-04-17
action_desc: Introduced in House
text: <p><b>CARES Act Section 4014 Technical Corrections Act</b></p> <p>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.</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6551 IN THE HOUSE OF REPRESENTATIVES April 17, 2020 Mr. Sherman introduced the following bill; which was referred to the Committee on Financial Services A BILL 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.

1. Short title This Act may be cited as the CARES Act Section 4014 Technical Corrections Act . 2. Temporary relief from CECL standards Section 4014(b) of the CARES Act ( Public Law 116–136 ) is amended by striking ending on the earlier of and all that follows through the end of the subsection and inserting the following: ending on the first day of the fiscal year of such insured depository institution, bank holding company, or any affiliate that begins after the date on which the national emergency concerning the novel coronavirus disease (COVID–19) outbreak declared by the President on March 13, 2020, under the National Emergencies Act ( 50 U.S.C. 1601 et seq.) terminates. .