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United States · Bill · HR

H.R. 927 (113th)

Common Sense Economic Recovery Act of 2013

referredUnited States· United States Congress· EN

Introduced

28 February 2013

Last action

28 February 2013 · Introduced

Status

Referred to the House Committee on Financial Services.

Sponsors

Rep. Posey, Bill [R-FL-8], Rep. Waters, Maxine [D-CA-43], Rep. Westmoreland, Lynn A. [R-GA-3], Rep. Jones, Walter B., Jr. [R-NC-3], Rep. Pearce, Stevan [R-NM-2]

Subjects

Discovery layer

Source updated

12 August 2025

Official sourceDownload fileView documentsShare

Summary

Common Sense Economic Recovery Act of 2013 - 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. 28 February 2013

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 28 February 2013

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 28 February 2013

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 28 February 2013

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  • Introduced in House (PDF)

    Introduced in House · EN · 28 February 2013

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  • Introduced in House

    summary · EN · 28 February 2013

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Sponsors

Related records

Sources

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