Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
I
116TH CONGRESS
2D SESSION
H. R. 6551
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.
IN THE HOUSE OF REPRESENTATIVES
APRIL 17, 2020
Mr. SHERMAN introduced the following bill; which was referred to the
Committee on Financial Services
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.
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 ‘‘CARES Act Section
4
4014 Technical Corrections Act’’.
5
SEC. 2. TEMPORARY RELIEF FROM CECL STANDARDS.
6
Section 4014(b) of the CARES Act (Public Law 116–
7
136) is amended by striking ‘‘ending on the earlier of’’
8
and all that follows through the end of the subsection and
9
inserting the following: ‘‘ending on the first day of the fis-
10
VerDate Sep 11 2014
22:39 Apr 22, 2020
Jkt 099200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H6551.IH
H6551
pamtmann on DSKBC07HB2PROD with BILLS
2
•HR 6551 IH
cal year of such insured depository institution, bank hold-
1
ing company, or any affiliate that begins after the date
2
on which the national emergency concerning the novel
3
coronavirus disease (COVID–19) outbreak declared by the
4
President on March 13, 2020, under the National Emer-
5
gencies Act (50 U.S.C. 1601 et seq.) terminates.’’.
6
Æ
VerDate Sep 11 2014
22:39 Apr 22, 2020
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6301
E:\BILLS\H6551.IH
H6551
pamtmann on DSKBC07HB2PROD with BILLS