§9052 — Title 15 Commerce and Trade | U.S. Code

§9052 Optional temporary relief from current expected credit losses

Title 15 › Chapter CHAPTER 116— - CORONAVIRUS ECONOMIC STABILIZATION (CARES ACT) › Subchapter SUBCHAPTER III— - ECONOMIC STABILIZATION AND ASSISTANCE TO SEVERELY DISTRESSED SECTORS OF THE UNITED STATES ECONOMY › Part Part A— - Coronavirus Economic Stabilization › § 9052

Last updated Apr 6, 2026|Official source

Summary

Banks, bank holding companies, credit unions, and their affiliates do not have to follow the Financial Accounting Standards Board update called Accounting Standards Update No. 2016–13 (the current expected credit losses or CECL method) from March 27, 2020 until the earlier of two dates: the first day of their fiscal year that starts after the COVID–19 national emergency declared on March 13, 2020 ends, or January 1, 2022. Definitions: "appropriate Federal banking agency" — the federal agency that supervises banks (see 12 U.S.C. 1813) and includes the National Credit Union Administration. "insured depository institution" — a bank or similar deposit-taking institution as defined in 12 U.S.C. 1813, and it includes credit unions.

Title 15, §9052

Commerce and Trade — Source: USLM XML via OLRC

(a)In this section:

(1)The term “appropriate Federal banking agency”—

(A)has the meaning given the term in section 1813 of title 12; and

(B)includes the National Credit Union Administration.

(2)The term “insured depository institution”—

(A)has the meaning given the term in section 1813 of title 12; and

(B)includes a credit union.

(b)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. 2016–13 (“Measurement of Credit Losses on Financial Instruments”), including the current expected credit losses methodology for estimating allowances for credit losses, during the period beginning on March 27, 2020, and ending on the earlier of—

(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–19) outbreak declared by the President on March 13, 2020 under the National Emergencies Act (50 U.S.C. 1601 et seq.) terminates; or

(2)January 1, 2022.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The National Emergencies Act, referred to in subsec. (b)(1), is Pub. L. 94–412, Sept. 14, 1976, 90 Stat. 1255, which is classified principally to chapter 34 (§ 1601 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see

Short Title

note set out under section 1601 of Title 50 and Tables.

Amendments

2020—Subsec. (b)(1). Pub. L. 116–260, § 540(a)(1)(A), inserted “the first day of the fiscal year of the insured depository institution, bank holding company, or any affiliate thereof that begins after” before “the date”. Subsec. (b)(2). Pub. L. 116–260, § 540(a)(1)(B), substituted “

January 1, 2022” for “

December 31, 2020”.