US HB927 | 2013-2014 | 113th Congress
Status
Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: Introduced on February 28 2013 - 25% progression, died in committee
Action: 2013-02-28 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on February 28 2013 - 25% progression, died in committee
Action: 2013-02-28 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Common Sense Economic Recovery Act of 2013 - 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.) Permits an insured depository institution to treat a non-accrual loan as an accrual loan if: (1) the loan is current, (2) no monthly payment has been more than 30 days delinquent during the previous 6-month period, and (3) loan payments are being made pursuant to the contract terms and all parties agree to any refinances and modifications. Prohibits a modified or restructured loan from being treated as a non-accrual loan if the borrower demonstrates the ability to perform on such a loan: (1) over a period of 6 months; or (2) over a period of 3 consecutive payments in the case of a quarterly, semi-annual, or longer repayment schedule. Prohibits the appropriate federal banking agency from: (1) 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 such requirement would adversely impact measurement of the institution's capital, or (2) requiring an insured depository institution to treat a loan as a non-accrual loan solely because the loan collateral has reduced in value. Excludes from the accounting requirements and prohibitions of this Act any issuer of a security registered under the Securities Exchange Act of 1934. 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.
Title
Common Sense Economic Recovery Act of 2013
Sponsors
Rep. Bill Posey [R-FL] | Rep. Walter Jones [R-NC] | Rep. Stevan Pearce [R-NM] | Rep. Maxine Waters [D-CA] |
Rep. Lynn Westmoreland [R-GA] |
History
Date | Chamber | Action |
---|---|---|
2013-02-28 | House | Referred to the House Committee on Financial Services. |
Same As/Similar To
HB2767 (Related) 2013-07-24 - Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 27.
Subjects
Bank accounts, deposits, capital
Banking and financial institutions regulation
Congressional oversight
Finance and financial sector
Government studies and investigations
Housing finance and home ownership
Banking and financial institutions regulation
Congressional oversight
Finance and financial sector
Government studies and investigations
Housing finance and home ownership
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/113th-congress/house-bill/927/all-info |
Text | https://www.congress.gov/113/bills/hr927/BILLS-113hr927ih.pdf |