US Congress House Bill 7913 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on July 31 2020 - 25% progression, died in committee
Action: 2020-07-31 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

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

Rep. Blaine Luetkemeyer [R-MO]

Rep. Ed Perlmutter [D-CO]

Date	Chamber	Action
2020-07-31	House	Referred to the House Committee on Financial Services.
2020-07-31	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/7913/all-info
Text	https://www.congress.gov/116/bills/hr7913/BILLS-116hr7913ih.pdf