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Senate Bill 4270
116th Congress(2019-2020)
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.
Introduced
Introduced
Introduced in Senate on Jul 22, 2020
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Introduced in Senate 
Jul 22, 2020
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Introduced in Senate(Jul 22, 2020)
Jul 22, 2020
Not Scanned for Linkage
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
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S. 4270 (Introduced-in-Senate)


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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Temporary relief from CECL standards.

Section 4014(b) of the CARES Act (Public Law 116–136) is amended by striking “ending on the earlier of” and all that follows through the end of the subsection and inserting the following: “ending on the first day of the fiscal year of such insured depository institution, bank holding company, or any affiliate 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.”.