3.0.0 4029 2019-11-15T20:54:36Z 2019-11-15T20:54:36Z House H HR 2012-02-14 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. POSEY:H.R. 4029.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 3[Page H726]]]> hsba00 Financial Services Committee House Standing hsba15 Consumer Protection and Financial Institutions Subcommittee Referred to 2012-02-23T21:29:49Z Referred to 2012-02-14T17:02:15Z Common Sense Economic Recovery Act of 2011 112 1723 HR 2011-11-17 Subcommittee Consideration and Mark-up Session Held. Related bill CRS 2012-02-23 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Referred to the Subcommittee on Financial Institutions and Consumer Credit. Committee 2012-02-14 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2012-02-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-02-14 Introduced in House IntroReferral 1000 9 Library of Congress P000599 Rep. Posey, Bill [R-FL-15] Bill Posey R FL 15 N W000187 Rep. Waters, Maxine [D-CA-35] MAXINE WATERS D CA 35 2012-02-14 True W000796 Rep. Westmoreland, Lynn A. [R-GA-3] Lynn Westmoreland R GA A. 3 2012-02-14 True J000255 Rep. Jones, Walter B., Jr. [R-NC-3] WALTER JONES R NC B. 3 2012-02-14 True P000588 Rep. Pearce, Stevan [R-NM-2] Stevan Pearce R NM 2 2012-02-14 True G000563 Rep. Gibbs, Bob [R-OH-18] Bob Gibbs R OH 18 2012-04-24 False Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Congressional oversight Government studies and investigations Housing finance and home ownership Finance and Financial Sector 00 2012-02-14 Introduced in House 2012-04-13T18:37:01Z Common Sense Economic Recovery Act of 2012 - Cites circumstances under which, for purposes of determining capital requirements or measuring an insured depository institution's capital, such an institution may treat a non-accrual loan as an accrual loan.

(Non-accrual [also known as non-performing or doubtful] loans are those on which interest is overdue and full collection of principal is uncertain, and so interest, if it has not been paid in over 90 days, cannot be credited to the bank's revenue account until it has actually been received.)

Permits an insured depository institution to treat a non-accrual loan as an accrual loan if: (1) the loan is current, (2) no monthly payment has been more than 30 days delinquent during the previous 6-month period, and (3) loan payments are being made pursuant to the contract terms and all parties agree to any refinances and modifications.

Prohibits a modified or restructured loan from being treated as a non-accrual loan if the borrower demonstrates the ability to perform on such a loan: (1) over a period of 6 months; or (2) over a period of 3 consecutive payments in the case of a quarterly, semi-annual, or longer repayment schedule.

Prohibits the appropriate federal banking agency from: (1) imposing any additional accounting requirements upon an insured depository institution with respect to a loan treated as an accrual loan under this Act if the result of such requirement would adversely impact measurement of the institution's capital, or (2) requiring an insured depository institution to treat a loan as a non-accrual loan solely because the loan collateral has reduced in value.

Excludes from the accounting requirements and prohibitions of this Act any issuer of a security registered under the Securities Exchange Act of 1934.

Directs the Financial Stability Oversight Council to study how best to prevent the issuance of contradictory guidance to such institutions by federal banking agencies with respect to loan classifications and capital requirements.

]]> Common Sense Economic Recovery Act of 2012 Short Titles as Introduced Common Sense Economic Recovery Act of 2012 Display Title Common Sense Economic Recovery Act of 2012 Official Title as Introduced To permit certain current loans that would otherwise be treated as non-accrual loans as accrual loans, and for other purposes. Introduced in House 2012-02-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr4029ih/xml/BILLS-112hr4029ih.xml 2012-02-23 Referred to the Subcommittee on Financial Institutions and Consumer Credit. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.