3.0.0 7913 2023-01-11T13:45:45Z 2023-01-11T13:45:45Z House HR 2020-07-31 116 [Congressional Record Volume 166, Number 136 (Friday, July 31, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. LUETKEMEYER:H.R. 7913.Congress has the power to enact this legislation pursuantto the following:Congress has the Constitutional authority to regulatecommerce among the States and with Indian Tribes, asenumerated in Article I, Section 8, Clause 3.[Page H4214]]]> hsba00 Financial Services Committee House Standing Referred to 2020-07-31T13:03:00Z 2020-07-31 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2020-07-31 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-07-31 Introduced in House IntroReferral 1000 9 Library of Congress L000569 Rep. Luetkemeyer, Blaine [R-MO-3] Blaine Luetkemeyer R MO 3 N P000593 Rep. Perlmutter, Ed [D-CO-7] Ed Perlmutter D CO 7 2020-08-22 False 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 Financial crises and stabilization Infectious and parasitic diseases Finance and Financial Sector 00 2020-07-31 Introduced in House 2020-12-11T15:22:18Z 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.

]]> Financial Institution Forbearance Act Display Title Financial Institution Forbearance Act Short Title(s) as Introduced Financial Institution Forbearance Act Introduced in House IH Official Title as Introduced To amend the CARES Act to improve the temporary relief from troubled debt restructurings, and for other purposes. Introduced in House IH Introduced in House 2020-07-31T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr7913ih/xml/BILLS-116hr7913ih.xml 2020-07-31 Referred to the House Committee on Financial Services. 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.