Coronavirus Accounting Relief Act

I 116TH CONGRESS 2D SESSION H. R. 6249 To temporarily prohibit the Federal financial regulators from requiring com- pliance with the CECL Rule by persons impacted by Coronavirus, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MARCH 12, 2020 Mr. LUETKEMEYER (for himself, Mr. BARR, Mr. STEIL, Mr. HUIZENGA, Mr. WILLIAMS, and Mr. RIGGLEMAN) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall with- in the jurisdiction of the committee concerned A BILL To temporarily prohibit the Federal financial regulators from requiring compliance with the CECL Rule by persons impacted by Coronavirus, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Coronavirus Account- 4 ing Relief Act’’. 5 VerDate Sep 11 2014 04:59 Apr 01, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6249.IH H6249 SSpencer on DSKBBXCHB2PROD with BILLS 2 •HR 6249 IH SEC. 2. NON-APPLICATION OF THE CECL RULE BY FEDERAL 1 FINANCIAL REGULATORS. 2 (a) IN GENERAL.—Notwithstanding any other provi- 3 sion of law, a Federal financial regulator may not require 4 any person impacted by Coronavirus to comply with the 5 CECL Rule under any Federal statute or rule during the 6 6-month period beginning on the date of enactment of this 7 Act. 8 (b) DEFINITIONS.—In this section: 9 (1) CECL RULE.—The term ‘‘CECL Rule’’ 10 means the accounting standard contained in the Ac- 11 counting Standards Update No. 2016–13 of the Fi- 12 nancial Accounting Standards Board, titled ‘‘Finan- 13 cial Instruments—Credit Losses (Topic 326): Meas- 14 urement of Credit Losses on Financial Instruments’’ 15 issued June 2016. 16 (2) FEDERAL FINANCIAL REGULATOR.—The 17 term ‘‘Federal financial regulator’’ means the De- 18 partment of the Treasury, the Board of Governors 19 of the Federal Reserve System, the Office of the 20 Comptroller of the Currency, the Securities and Ex- 21 change Commission, the Commodity Futures Trad- 22 ing Commission, the Federal Deposit Insurance Cor- 23 poration, the Federal Housing Finance Agency, and 24 the National Credit Union Administration. 25 VerDate Sep 11 2014 04:59 Apr 01, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6249.IH H6249 SSpencer on DSKBBXCHB2PROD with BILLS 3 •HR 6249 IH (3) IMPACTED BY CORONAVIRUS.—The term 1 ‘‘Impacted by Coronavirus’’ means any negative ef- 2 fect on revenue, earnings, income, debt, or equity, 3 and any additional negative effect identified by any 4 Federal financial regulator, due to the Coronavirus 5 Disease 2019 (COVID–19). 6 Æ VerDate Sep 11 2014 04:59 Apr 01, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H6249.IH H6249 SSpencer on DSKBBXCHB2PROD with BILLS