Eliminating CECL Accounting Standard Act

I 116TH CONGRESS 2D SESSION H. R. 7914 To specify that no person shall be required to comply with the CECL Rule under any Federal statute or regulation. IN THE HOUSE OF REPRESENTATIVES JULY 31, 2020 Mr. LUETKEMEYER introduced the following bill; which was referred to the Committee on Financial Services A BILL To specify that no person shall be required to comply with the CECL Rule under any Federal statute or regulation. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Eliminating CECL Ac- 4 counting Standard Act’’. 5 SEC. 2. REMOVING ANY REQUIREMENT TO COMPLY WITH 6 THE CECL RULE. 7 (a) IN GENERAL.—No person shall be required to 8 comply with the CECL Rule under any Federal statute 9 or regulation. 10 VerDate Sep 11 2014 04:18 Aug 18, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H7914.IH H7914 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 7914 IH (b) CECL RULE DEFINED.—In this section, the 1 term ‘‘CECL Rule’’ means the accounting standard con- 2 tained in the Accounting Standards Update No. 2016–13 3 of the Financial Accounting Standards Board, titled ‘‘Fi- 4 nancial Instruments–Credit Losses (Topic 326): Measure- 5 ment of Credit Losses on Financial Instruments’’ issued 6 June 2016. 7 Æ VerDate Sep 11 2014 04:18 Aug 18, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H7914.IH H7914 kjohnson on DSK79L0C42PROD with BILLS