H.R. 6551, CARES Act Section 4014 Technical Corrections Act
Summary
H. R. 6551, the CARES Act Section 4014 Technical Corrections Act, was introduced April 17, 2020 by Sherman and referred to the Committee on Financial Services. It is 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. Section 2 amends Section 4014(b) of the CARES Act by striking text from the words ending on the earlier of and inserting an end date tied to when the national emergency concerning the novel coronavirus disease (COVID–19) outbreak, declared by the President on March 13, 2020, terminates.
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“H.R. 6551, CARES Act Section 4014 Technical Corrections Act.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116hr6551ih-bills-116hr6551ih/
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I
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.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘CARES Act Section
5 4014 Technical Corrections Act’’.
6 SEC. 2. TEMPORARY RELIEF FROM CECL STANDARDS.
7 Section 4014(b) of the CARES Act (Public Law 116–
8 136) is amended by striking ‘‘ending on the earlier of’’
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9 and all that follows through the end of the subsection and
10 inserting the following: ‘‘ending on the first day of the fis-
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2
1 cal year of such insured depository institution, bank hold-
2 ing company, or any affiliate that begins after the date
3 on which the national emergency concerning the novel
4 coronavirus disease (COVID–19) outbreak declared by the
5 President on March 13, 2020, under the National Emer-
6 gencies Act (50 U.S.C. 1601 et seq.) terminates.’’.
Æ
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