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House Bill 6551
116th Congress(2019-2020)
CARES Act Section 4014 Technical Corrections Act
Introduced
Introduced
Introduced in House on Apr 17, 2020
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Introduced in House 
Apr 17, 2020
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Introduced in House(Apr 17, 2020)
Apr 17, 2020
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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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H. R. 6551 (Introduced-in-House)


116th CONGRESS
2d Session
H. R. 6551


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 HOUSE OF REPRESENTATIVES

April 17, 2020

Mr. Sherman introduced the following bill; which was referred to the Committee on Financial Services

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. Short title.

This Act may be cited as the “CARES Act Section 4014 Technical Corrections Act”.

SEC. 2. 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.”.