A bill to amend the CARES Act to ensure that the temporary relief from CECL standards does not terminate in the middle of a company's fiscal year.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Jul 22, 2020)
This bill 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.
What just happenedJul 22, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who’s behind it
- Introduced in SenateJul 22, 2020
- Jul 22, 2020IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - Jul 22, 2020IntroReferral10000
Introduced in Senate