[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6551 Introduced in House (IH)]

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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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``CARES Act Section 4014 Technical 
Corrections Act''.

SEC. 2. TEMPORARY RELIEF FROM CECL STANDARDS.

    Section 4014(b) of the CARES Act (Public Law 116-136) is amended by 
striking ``ending on the earlier of'' and all that follows through the 
end of the subsection and inserting the following: ``ending on the 
first day of the fiscal year of such insured depository institution, 
bank holding company, or any affiliate that begins after the date on 
which the national emergency concerning the novel coronavirus disease 
(COVID-19) outbreak declared by the President on March 13, 2020, under 
the National Emergencies Act (50 U.S.C. 1601 et seq.) terminates.''.
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