Senate Bill 5078
116th Congress(2019-2020)
A bill to amend the CARES Act to extend the temporary relief from troubled debt restructurings.
Introduced
Introduced in Senate on Dec 21, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
5078
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
No Senate votes have been held for this bill.
Summary
This bill revises the applicable period during which a financial institution may suspend loan modification requirements as applied to a troubled debt restructuring. Currently, this period ends on the earliest of December 31, 2020, or the date that is 60 days after the termination of the COVID-19 (i.e., coronavirus disease 2019) national emergency. The bill revises this period to end on the earliest of January 1, 2022, or the date that is 60 days after the termination of the COVID-19 national emergency.
December 21, 2020
12/21/2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
12/21/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:43:45 PM