§ 9052. Optional temporary relief from current expected credit losses

Statutory text

Definitions

In this section:

Appropriate Federal banking agency

The term “appropriate Federal banking agency”—

has the meaning given the term in section 1813 of title 12; and

includes the National Credit Union Administration.

Insured depository institution

The term “insured depository institution”—

has the meaning given the term in section 1813 of title 12; and

includes a credit union.

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—

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

January 1, 2022.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

2020
Coronavirus Economic Stabilization Act of 2020
Pub. L. 116–136 div. A title IV § 4014 · 134 Stat. 281
Enacted · 15 U.S.C. § 9052
Pub. L. 116–136, div. A, title IV, § 4014, Mar. 27, 2020, 134 Stat. 480
Source evidence
Code source credit
Pub. L. 116–136, div. A, title IV, § 4014, Mar. 27, 2020, 134 Stat. 480
Enacted provision · exact public law section
SEC. 4014. OPTIONAL TEMPORARY RELIEF FROM CURRENT EXPECTED CREDIT LOSSES. (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 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); 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 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); 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 the date of enactment of this Act and ending on the earlier of— (1) 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) December 31, 2020.
2020
Commerce, Justice, Science, and Related Agencies Appropriations Act, 2021
Pub. L. 116–260 § 540(a)(1)(A) · 134 Stat. 1182
Inserted · 15 U.S.C. § 9052(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”
Source evidence
Code amendment note
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”.
Enacted provision · exact public law section
Sec. 540. None of the funds made available by this Act may be obligated or expended to implement the Arms Trade Treaty until the Senate approves a resolution of ratification for the Treaty.
2020
Commerce, Justice, Science, and Related Agencies Appropriations Act, 2021
Pub. L. 116–260 § 540(a)(1)(B) · 134 Stat. 1182
Substituted · 15 U.S.C. § 9052(b)(2)
Pub. L. 116–260, § 540(a)(1)(B), substituted “January 1, 2022” for “December 31, 2020”
Source evidence
Code amendment note
Subsec. (b)(2). Pub. L. 116–260, § 540(a)(1)(B), substituted “January 1, 2022” for “December 31, 2020”.
Enacted provision · exact public law section
Sec. 540. None of the funds made available by this Act may be obligated or expended to implement the Arms Trade Treaty until the Senate approves a resolution of ratification for the Treaty.

3 of 3 references resolved to an enrolled provision

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”.

Credits

2020 · 2 acts

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

Show as published

(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.)