Common Sense Economic Recovery Act of 2012

Summary

Common Sense Economic Recovery Act of 2012 - Cites circumstances under which, for purposes of determining capital requirements or measuring an insured depository institution's capital, such an institution may treat a non-accrual loan as an accrual loan. (Non-accrual [also known as non-performing or doubtful] loans are those on which interest is overdue and full collection of principal is uncertain, and so interest, if it has not been paid in over 90 days, cannot be credited to the bank's revenue account until it has actually been received.) Permits an insured depository institution to treat a non-accrual loan as an accrual loan if: (1) the loan is current, (2) no monthly payment has been more than 30 days delinquent during the previous 6-month period, and (3) loan payments are being made pursuant to the contract terms and all parties agree to any refinances and modifications. Prohibits a modified or restructured loan from being treated as a non-accrual loan if the borrower demonstrates the ability to perform on such a loan: (1) over a period of 6 months; or (2) over a period of 3 consecutive payments in the case of a quarterly, semi-annual, or longer repayment schedule. Prohibits the appropriate federal banking agency from: (1) imposing any additional accounting requirements upon an insured depository institution with respect to a loan treated as an accrual loan under this Act if the result of such requirement would adversely impact measurement of the institution's capital, or (2) requiring an insured depository institution to treat a loan as a non-accrual loan solely because the loan collateral has reduced in value. Excludes from the accounting requirements and prohibitions of this Act any issuer of a security registered under the Securities Exchange Act of 1934. Directs the Financial Stability Oversight Council to study how best to prevent the issuance of contradictory guidance to such institutions by federal banking agencies with respect to loan classifications and capital requirements.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 14 February 2012

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 14 February 2012

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 February 2012

   Introduced

   Introduced in House

   Source: IntroReferral

4. 23 February 2012

   Referred

   Referred to the Subcommittee on Financial Institutions and Consumer Credit.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 14 February 2012 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 February 2012

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 14 February 2012

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in House

  summary · EN · 14 February 2012

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Posey, Bill [R-FL-8] · R · Sponsor
• Rep. Waters, Maxine [D-CA-43] · D · Sponsor
• Rep. Westmoreland, Lynn A. [R-GA-3] · R · Sponsor
• Rep. Jones, Walter B., Jr. [R-NC-3] · R · Sponsor
• Rep. Pearce, Stevan [R-NM-2] · R · Sponsor
• Rep. Gibbs, Bob [R-OH-7] · R · Cosponsor
• · hsba00 · Standing

Related records

• related to → Common Sense Economic Recovery Act of 2011