Eliminating CECL Accounting Standard Act

Bill: 116-hr-7914
Sponsor: full_name: Rep. Luetkemeyer, Blaine [R-MO-3]
Introduced: 2020-07-31
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Banking and financial institutions regulation

Credit and credit markets
Latest action: action_date: 2020-07-31
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-07-31
action_desc: Introduced in House
text: <p><b>Eliminating CECL Accounting Standard Act</b></p> <p>This bill provides that no one shall be required to comply with a specified accounting standard applicable to credit losses (i.e., the current expected credit losses standard, also known as the CECL standard).</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7914 IN THE HOUSE OF REPRESENTATIVES July 31, 2020 Mr. Luetkemeyer introduced the following bill; which was referred to the Committee on Financial Services A BILL To specify that no person shall be required to comply with the CECL Rule under any Federal statute or regulation.

1. Short title This Act may be cited as the Eliminating CECL Accounting Standard Act . 2. Removing any requirement to comply with the CECL Rule (a) In general No person shall be required to comply with the CECL Rule under any Federal statute or regulation. (b) CECL Rule defined In this section, 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.