15 U.S.C. § 9052 — Optional temporary relief from current expected credit losses
submitted 6 years ago by Pub. L. 116-136 to r/title-15-COMMERCE-AND-TRADE · 204 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
In this section:
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*.
The term “insured depository institution”—
has the meaning given the term in section 1813 of title 12; and
includes a credit union.
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.
Source credit: (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.)
- 2020Enacted · Pub. L. 116-136 · 134 Stat. 480
- 2020Amended · Pub. L. 116-260 · 134 Stat. 2090
A history note hasn’t been published yet. The record shows enactment by Pub. L. 116-136 on 2020-03-27.
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