US HB1723 | 2011-2012 | 112th Congress
Status
Spectrum: Partisan Bill (Republican 51-2)
Status: Introduced on May 4 2011 - 25% progression, died in chamber
Action: 2011-11-17 - Subcommittee Consideration and Mark-up Session Held.
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 4 2011 - 25% progression, died in chamber
Action: 2011-11-17 - Subcommittee Consideration and Mark-up Session Held.
Text: Latest bill text (Introduced) [PDF]
Summary
Common Sense Economic Recovery Act of 2011 - 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.) Conditions treatment as an accrual loan on a non-accrual loan's being current, not more than 30 days delinquent on a monthly payment, and an amortizing loan whose payments are not being funded through an interest reserve account. Applies accrual loan treatment, to the same extent as non-modified mortgage loans, to modified mortgage loans meeting the criteria of this Act, including those that also meet the criteria for troubled debt restructuring. Prohibits the appropriate federal banking agency from 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 the additional requirement would adversely impact measurement of the institution's capital. 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.
Title
Common Sense Economic Recovery Act of 2011
Sponsors
History
Date | Chamber | Action |
---|---|---|
2011-11-17 | House | Subcommittee Consideration and Mark-up Session Held. |
2011-07-08 | House | Subcommittee Hearings Held. |
2011-06-02 | House | Referred to the Subcommittee on Financial Institutions and Consumer Credit. |
2011-05-04 | House | Referred to the House Committee on Financial Services. |
Same As/Similar To
HB4029 (Related) 2012-02-23 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Subjects
Bank accounts, deposits, capital
Banking and financial institutions regulation
Congressional oversight
Finance and financial sector
Government studies and investigations
Housing finance and home ownership
Banking and financial institutions regulation
Congressional oversight
Finance and financial sector
Government studies and investigations
Housing finance and home ownership
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/112th-congress/house-bill/1723/all-info |
Text | https://www.congress.gov/112/bills/hr1723/BILLS-112hr1723ih.pdf |