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Proposal:CARES Act Section 4014 Technical Corrections Act

This proposal is archived and closed to further debate. It was introduced in the 116th Congress, which has concluded, and the bill was not enacted into law.
Bill HR 6551
Type of Legislation House Bill
Congress 116
Source View original on Congress.gov
Geographic Scope
National

Description

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.

Bill Title

CARES Act Section 4014 Technical Corrections Act

Linked Goals

Steps

  • 2020-04-17: Referred to the House Committee on Financial Services.
  • 2020-04-17: Introduced in House
  • 2020-04-17: Introduced in House

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.

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