US HB6551 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on April 17 2020 - 25% progression, died in committee
Action: 2020-04-17 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Summary

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.

Tracking Information

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Title

CARES Act Section 4014 Technical Corrections Act

Sponsors


History

DateChamberAction
2020-04-17HouseReferred to the House Committee on Financial Services.
2020-04-17HouseIntroduced in House

Same As/Similar To

HB748 (Related) 2020-07-23 - Committee on Small Business and Entrepreneurship. Hearings held.
SB4270 (Related) 2020-07-22 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Subjects


US Congress State Sources


Bill Comments

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