Definitions
In this section:
Appropriate Federal banking agency
The term “appropriate Federal banking agency”—
section 1813 of title 12 has the meaning given the term in ; and
includes the National Credit Union Administration.
Insured depository institution
The term “insured depository institution”—
section 1813 of title 12 has the meaning given the term in ; 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 , and ending on the earlier of—
50 U.S.C. 1601 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 under the National Emergencies Act ( et seq.) terminates; or
.
Pub. L. 116–136, div. A, title IV, § 4014134 Stat. 480Pub. L. 116–260, div. N, title V, § 540(a)(1)134 Stat. 2090(, , ; , , .)
Editorial Notes
References in Text
Pub. L. 94–41290 Stat. 1255section 1601 of Title 50The National Emergencies Act, referred to in subsec. (b)(1), is , , , 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 and Tables.
Amendments
Pub. L. 116–260, § 540(a)(1)(A)2020—Subsec. (b)(1). , 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”.
Pub. L. 116–260, § 540(a)(1)(B)Subsec. (b)(2). , substituted “” for “”.