US Congress House Bill 1723 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 51-2)
Status: Introduced on May 4 2011 - 25% progression, died in chamber
Action: 2011-11-17 - Subcommittee Consideration and Mark-up Session Held.
Text: Latest bill text (Introduced) [PDF]

Common Sense Economic Recovery Act of 2011 - Cites circumstances under which, for purposes of determining capital requirements or measuring an insured depository institution's capital, such an institution may treat a non-accrual loan as an accrual loan. (Non-accrual [also known as non-performing or doubtful] loans are those on which interest is overdue and full collection of principal is uncertain, and so interest, if it has not been paid in over 90 days, cannot be credited to the bank's revenue account until it has actually been received.) Conditions treatment as an accrual loan on a non-accrual loan's being current, not more than 30 days delinquent on a monthly payment, and an amortizing loan whose payments are not being funded through an interest reserve account. Applies accrual loan treatment, to the same extent as non-modified mortgage loans, to modified mortgage loans meeting the criteria of this Act, including those that also meet the criteria for troubled debt restructuring. Prohibits the appropriate federal banking agency from imposing any additional accounting requirements upon an insured depository institution with respect to a loan treated as an accrual loan under this Act if the result of the additional requirement would adversely impact measurement of the institution's capital. Directs the Financial Stability Oversight Council to study how best to prevent the issuance of contradictory guidance to such institutions by federal banking agencies with respect to loan classifications and capital requirements.

Common Sense Economic Recovery Act of 2011

Rep. Bill Posey [R-FL]	Rep. Roscoe Bartlett [R-MD]	Rep. Dan Benishek [R-MI]	Sen. Marsha Blackburn [R-TN]
Rep. Paul Broun [R-GA]	Rep. Dan Burton [R-IN]	Rep. Ken Calvert [R-CA]	Rep. John Carter [R-TX]
Rep. Steve Chabot [R-OH]	Rep. Mike Coffman [R-CO]	Rep. Tom Cole [R-OK]	Rep. Charles Dent [R-PA]
Rep. Blake Farenthold [R-TX]	Rep. Stephen Fincher [R-TN]	Rep. Bill Flores [R-TX]	Rep. Virginia Foxx [R-NC]
Sen. Cory Gardner [R-CO]	Rep. Bob Gibbs [R-OH]	Rep. Phil Gingrey [R-GA]	Rep. Louie Gohmert [R-TX]
Rep. Bob Goodlatte [R-VA]	Rep. Kay Granger [R-TX]	Rep. Michael Grimm [R-NY]	Rep. Andy Harris [R-MD]
Rep. Vicky Hartzler [R-MO]	Rep. Randy Hultgren [R-IL]	Rep. Darrell Issa [R-CA]	Rep. Walter Jones [R-NC]
Sen. James Lankford [R-OK]	Rep. Robert Latta [R-OH]	Rep. Billy Long [R-MO]	Rep. Blaine Luetkemeyer [R-MO]
Rep. Donald Manzullo [R-IL]	Rep. Tom McClintock [R-CA]	Rep. Thaddeus McCotter [R-MI]	Rep. David McKinley [R-WV]
Rep. Gary Miller [R-CA]	Rep. Jeff Miller [R-FL]	Rep. Alan Nunnelee [R-MS]	Rep. Ron Paul [R-TX]
Rep. Stevan Pearce [R-NM]	Rep. Joseph Pitts [R-PA]	Rep. Denny Rehberg [R-MT]	Rep. Dennis Ross [R-FL]
Rep. Steve Southerland [R-FL]	Rep. Cliff Stearns [R-FL]	Rep. Glenn Thompson [R-PA]	Rep. Maxine Waters [D-CA]
Rep. Daniel Webster [R-FL]	Rep. Allen West [R-FL]	Rep. Lynn Westmoreland [R-GA]	Rep. Frederica Wilson [D-FL]
Rep. Joe Wilson [R-SC]

Date	Chamber	Action
2011-11-17	House	Subcommittee Consideration and Mark-up Session Held.
2011-07-08	House	Subcommittee Hearings Held.
2011-06-02	House	Referred to the Subcommittee on Financial Institutions and Consumer Credit.
2011-05-04	House	Referred to the House Committee on Financial Services.

HB4029 (Related) 2012-02-23 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/1723/all-info
Text	https://www.congress.gov/112/bills/hr1723/BILLS-112hr1723ih.pdf