S 4270
116th Congress
Senate
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
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.
Introduced: July 22, 2020
Introduced by:
Tillis, Thomas
Republican
· North Carolina
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 22, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 22, 2020
Introduced in Senate
Plain-English summary
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
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1