A bill to delay the implementation date of the current expected credit losses methodology for estimating allowances for credit losses, and for other purposes.
Community Bank Regulatory Relief Act
This bill delays required compliance with certain accounting standards applicable to credit losses (i.e., current expected credit losses standards, also known as CECL standards). Specifically, no agency may require a person to comply with this standard with respect to a fiscal year beginning before December 31, 2024.
Additionally, the community bank leverage ratio is set at 8% for community banks seeking to satisfy simplified capital adequacy requirements. Currently, banking agencies are required to set the rate between 8% and 10% through rulemaking.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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