HR 7913
Financial Institution Forbearance Act
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the Financial Institution Forbearance Act, extends the period during which financial institutions can temporarily suspend certain rules related to how they handle troubled debt restructurings stemming from the COVID-19 pandemic. Specifically, it pushes back the deadline for these suspensions to March 1, 2021, and prevents banking regulators from requiring loans to be classified as impaired until April 1, 2022. The bill also clarifies definitions and ensures regulators won't take action against institutions that have made these temporary suspensions.
Sponsors
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Primary sponsor
Blaine Luetkemeyer
Cosponsor
Ed Perlmutter
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