Optional temporary relief from current expected credit losses

15 U.S.C. § 9052

• Title: 15 — Commerce and Trade
• Chapter: 116 — CORONAVIRUS ECONOMIC STABILIZATION (CARES ACT)
• Subchapter: III
• Part: A
• Current through: Pub. L. 119-99

Text

(a) Definitions
In this section:
(1) Appropriate Federal banking agency
The term "appropriate Federal banking agency"—
(A) has the meaning given the term in section 1813 of title 12; and
(B) includes the National Credit Union Administration.
(2) Insured depository institution
The term "insured depository institution"—
(A) has the meaning given the term in section 1813 of title 12; and
(B) includes a credit union.
(b) Temporary relief from CECL standards
Notwithstanding any other provision of law, no insured depository institution, bank holding company, or any affiliate thereof shall be required to comply with the Financial Accounting Standards Board Accounting Standards Update No. 2016–13 ("Measurement of Credit Losses on Financial Instruments"), including the current expected credit losses methodology for estimating allowances for credit losses, during the period beginning on March 27, 2020, and ending on the earlier of—
(1) the first day of the fiscal year of the insured depository institution, bank holding company, or any affiliate thereof 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; or
(2) January 1, 2022.

History

(Pub. L. 116–136, div. A, title IV, §4014, Mar. 27, 2020, 134 Stat. 480; Pub. L. 116–260, div. N, title V, §540(a)(1), Dec. 27, 2020, 134 Stat. 2090.)

Editorial Notes

Editorial Notes

References in Text
The National Emergencies Act, referred to in subsec. (b)(1), is Pub. L. 94–412, Sept. 14, 1976, 90 Stat. 1255, which is classified principally to chapter 34 (§1601 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 50 and Tables.

Amendments
2020—Subsec. (b)(1). Pub. L. 116–260, §540(a)(1)(A), inserted "the first day of the fiscal year of the insured depository institution, bank holding company, or any affiliate thereof that begins after" before "the date".
Subsec. (b)(2). Pub. L. 116–260, §540(a)(1)(B), substituted "January 1, 2022" for "December 31, 2020".