{"identifier":"/us/usc/t15/s9052","title":15,"num":"\u00a7\u202f9052.","heading":"Optional temporary relief from current expected credit losses","text":"\u00a7\u202f9052.\nOptional temporary relief from current expected credit losses\n(a)\nDefinitions\nIn this section:\n(1)\nAppropriate Federal banking agency\nThe term \u201cappropriate Federal banking agency\u201d\u2014\n(A) has the meaning given the term in\nsection 1813 of title 12\n(B) includes the National Credit Union Administration.\n(2)\nInsured depository institution\nThe term \u201cinsured depository institution\u201d\u2014\n(A) has the meaning given the term in\nsection 1813 of title 12\n(B) includes a credit union.\n(b)\nTemporary relief from CECL standards\nNotwithstanding 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\u201313 (\u201cMeasurement of Credit Losses on Financial Instruments\u201d), including the current expected credit losses methodology for estimating allowances for credit losses, during the period beginning on\n(1) 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\u201319) outbreak declared by the President on\nMarch 13, 2020\n50 U.S.C. 1601\n(2) January 1, 2022","url":"https://projectusc.org/usc/t15/s9052.html","content":[{"t":"sec","id":"/us/usc/t15/s9052","children":[{"t":"num","text":"\u00a7\u202f9052."},{"t":"heading","text":"Optional temporary relief from current expected credit losses"},{"t":"subsec","id":"/us/usc/t15/s9052/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Definitions"},{"t":"chapeau","text":"In this section:"},{"t":"para","id":"/us/usc/t15/s9052/a/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Appropriate Federal banking agency"},{"t":"chapeau","text":"The term \u201cappropriate Federal banking agency\u201d\u2014"},{"t":"subpara","id":"/us/usc/t15/s9052/a/1/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" has the meaning given the term in ","children":[{"t":"ref","text":"section 1813 of title 12","href":"/us/usc/t12/s1813","tail":"; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t15/s9052/a/1/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" includes the National Credit Union Administration.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s9052/a/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Insured depository institution"},{"t":"chapeau","text":"The term \u201cinsured depository institution\u201d\u2014"},{"t":"subpara","id":"/us/usc/t15/s9052/a/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" has the meaning given the term in ","children":[{"t":"ref","text":"section 1813 of title 12","href":"/us/usc/t12/s1813","tail":"; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t15/s9052/a/2/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" includes a credit union.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t15/s9052/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Temporary relief from CECL standards"},{"t":"chapeau","text":"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\u201313 (\u201cMeasurement of Credit Losses on Financial Instruments\u201d), including the current expected credit losses methodology for estimating allowances for credit losses, during the period beginning on ","children":[{"t":"text","text":"March 27, 2020","tail":", and ending on the earlier of\u2014"}]},{"t":"para","id":"/us/usc/t15/s9052/b/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" 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\u201319) outbreak declared by the President on ","children":[{"t":"text","text":"March 13, 2020","tail":" under the National Emergencies Act ("},{"t":"ref","text":"50 U.S.C. 1601","href":"/us/usc/t50/s1601","tail":" et seq.) terminates; or"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t15/s9052/b/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" ","children":[{"t":"text","text":"January 1, 2022","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}