HR 6551
116th Congress
House
Finance and Financial Sector
Accounting and auditing
Bank accounts, deposits, capital
Banking and financial institutions regulation
Cardiovascular and respiratory health
Credit and credit markets
Emergency medical services and trauma care
Infectious and parasitic diseases
CARES Act Section 4014 Technical Corrections Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 17, 2020
Referred to the House Committee on Financial Services.
Apr 17, 2020
Introduced in House
Plain-English summary
CARES Act Section 4014 Technical Corrections Act
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's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1