Financial Institution Forbearance Act
Latest action · Jul 31, 2020 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 31, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Financial Institution Forbearance Act
This bill extends the time period during which a financial institution may suspend certain determinations and accounting principles for loan modifications related to the COVID-19 (i.e., coronavirus disease 2019) pandemic that would otherwise be categorized as a troubled debt restructuring for reporting purposes. Specifically, the bill extends this period to March 1, 2021. Currently, this period expires on the earlier of the date 60 days after the expiration of the emergency declaration or December 31, 2020.
Additionally, if a depository institution elects to suspend these requirements, the appropriate supervisory banking agency is generally prohibited, until April 1, 2022, from requiring these loans to be classified as impaired for credit risk purposes.
Cosponsors 1
Members who signed on, in the order they did. All signed on Aug 22, 2020.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CO | Ed Perlmutter | Aug 22, 2020 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jul 31, 2020 |
Actions 2
Everything that happened, newest first.
- Jul 31, 2020Introduced in House
- Jul 31, 2020Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 166, no. 136, July 31, 2020, page H4214.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the CARES Act to improve the temporary relief from troubled debt restructurings, and for other purposes.
- Short Title(s) as Introduced
- Financial Institution Forbearance Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- 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
Text 1
Each version as it was printed, newest first.
- Jul 31, 2020Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
