S. 4270, 116th Congress — Temporary Relief from CECL Standards
Summary
S. 4270 was introduced in the Senate on July 22, 2020, by Tillis and referred to the Committee on Banking, Housing, and Urban Affairs. It amends 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 4014(b) of the CARES Act is amended so the relief ends on the first day of the fiscal year 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, terminates.
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Cite this document
“S. 4270, 116th Congress — Temporary Relief from CECL Standards.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-116s4270is-bills-116s4270is/
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II
116TH CONGRESS
2D SESSION
S. 4270
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 SENATE OF THE UNITED STATES
JULY 22, 2020
Mr. TILLIS introduced the following bill; which was read twice and referred
to the Committee on Banking, Housing, and Urban Affairs
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. TEMPORARY RELIEF FROM CECL STANDARDS.
4 Section 4014(b) of the CARES Act (Public Law 116–
5 136) is amended by striking ‘‘ending on the earlier of’’
6 and all that follows through the end of the subsection and
7 inserting the following: ‘‘ending on the first day of the fis-
8 cal year of such insured depository institution, bank hold-
kjohnson on DSK79L0C42PROD with BILLS
9 ing company, or any affiliate that begins after the date
10 on which the national emergency concerning the novel
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2
1 coronavirus disease (COVID–19) outbreak declared by the
2 President on March 13, 2020, under the National Emer-
3 gencies Act (50 U.S.C. 1601 et seq.) terminates.’’.
Æ
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•S 4270 IS
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