Small Business-Community Banker COVID–19 Relief Act of 2020

Bill Number

HR 6385

Introduced

Mar 25, 2020

Latest Action

Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be sub ...

Sponsor

Cosponsors

Topics

Accounting and auditing Banking and financial institutions regulation Cardiovascular and respiratory health Credit and credit markets Economic performance and conditions Emergency medical services and trauma care Finance and Financial Sector Financial crises and stabilization Infectious and parasitic diseases Retail and wholesale trades Small business

Full Text

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Votes

Summary

Small Business-Community Banker COVID-19 Relief Act of 2020

This bill allows a depository institution to delay compliance with specified accounting standards when modifying a loan for a small business affected by COVID-19 (i.e., coronavirus disease 2019) in a troubled debt restructuring. A depository institution is not required to comply with certain accounting standards applicable to credit losses (i.e., current expected credit losses standards, also known as CECL standards) if it has been substantially affected by COVID-19.

Actions

Mar 25, 2020

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 within the jurisdiction of the committee concerned.
Mar 25, 2020

Introduced in House

Amendments

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