Financial Institution Forbearance Act

Referred to the House Committee on Financial Services.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Jul 31, 2020

Financial Institution Forbearance Act

This bill extends the time period during which a financial institution may suspend certain determinations and accounting principles for loan modifications related to the COVID-19 (i.e., coronavirus disease 2019) pandemic that would otherwise be categorized as a troubled debt restructuring for reporting purposes. Specifically, the bill extends this period to March 1, 2021. Currently, this period expires on the earlier of the date 60 days after the expiration of the emergency declaration or December 31, 2020.

Additionally, if a depository institution elects to suspend these requirements, the appropriate supervisory banking agency is generally prohibited, until April 1, 2022, from requiring these loans to be classified as impaired for credit risk purposes.

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People & committees

Who introduced it

Rep. Luetkemeyer, Blaine [R-MO-3] · R–MO

Committees

Financial Services Committee

1 cosponsorship records, including any withdrawals

Rep. Perlmutter, Ed [D-CO-7]

Legislative record

Actions

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Jul 31, 2020
Referred to the House Committee on Financial Services.
Jul 31, 2020
Introduced in House
Jul 31, 2020
Introduced in House

Primary sources

Bill text & related measures

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Introduced in House · Jul 31, 2020 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

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Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.

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Analyze H.R.7913 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss H.R.7913, 116th Congress: Financial Institution Forbearance Act

Official record: https://www.congress.gov/bill/116th-congress/house-bill/7913

Text version to examine: Introduced in House · 2020-07-31.

Official full text: https://www.congress.gov/116/bills/hr7913/BILLS-116hr7913ih.htm

Imported record last updated by the source: 2025-01-03T03:35:24Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.7913 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Examine H.R.7913 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss H.R.7913, 116th Congress: Financial Institution Forbearance Act

Official record: https://www.congress.gov/bill/116th-congress/house-bill/7913

Text version to examine: Introduced in House · 2020-07-31.

Official full text: https://www.congress.gov/116/bills/hr7913/BILLS-116hr7913ih.htm

Imported record last updated by the source: 2025-01-03T03:35:24Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.7913 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Examine H.R.7913 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Discuss H.R.7913, 116th Congress: Financial Institution Forbearance Act

Official record: https://www.congress.gov/bill/116th-congress/house-bill/7913

Text version to examine: Introduced in House · 2020-07-31.

Official full text: https://www.congress.gov/116/bills/hr7913/BILLS-116hr7913ih.htm

Imported record last updated by the source: 2025-01-03T03:35:24Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.7913 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Examine H.R.7913 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.7913, 116th Congress: Financial Institution Forbearance Act

Official record: https://www.congress.gov/bill/116th-congress/house-bill/7913

Text version to examine: Introduced in House · 2020-07-31.

Official full text: https://www.congress.gov/116/bills/hr7913/BILLS-116hr7913ih.htm

Imported record last updated by the source: 2025-01-03T03:35:24Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.7913 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.