A bill to amend the CARES Act to extend the temporary relief from troubled debt restructurings.

Bill: 116-s-5078
Sponsor: full_name: Sen. Cassidy, Bill [R-LA]
Introduced: 2020-12-21
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: 2020-12-21
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2020-12-21
action_desc: Introduced in Senate
text: <p>This bill revises the applicable period during which a financial institution may suspend loan modification requirements as applied to a troubled debt restructuring. Currently, this period ends on the earliest of December 31, 2020, or the date that is 60 days after the termination of the COVID-19 (i.e., coronavirus disease 2019) national emergency. The bill revises this period to end on the earliest of January 1, 2022, or the date that is 60 days after the termination of the COVID-19 national emergency.</p>

tv_txt: II 116th CONGRESS 2d Session S. 5078 IN THE SENATE OF THE UNITED STATES December 21, 2020 Mr. Cassidy (for himself, Mr. Kennedy , Mr. Menendez , and Mr. Tester ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the CARES Act to extend the temporary relief from troubled debt restructurings.

1. Temporary relief from troubled debt restructurings Section 4013(a)(1) of the CARES Act ( 15 U.S.C. 9051(a)(1) ) is amended by striking December 31, 2020 and inserting January 1, 2022 .