H.R. 7913: Financial Institution Forbearance Act

116th Congress · introduced 2020-07-31 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

Where it came from: introduced 2020-07-31 · official record
Who proposed it: Rep. Luetkemeyer, Blaine [R-MO-3] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Financial Institution Forbearance Act

Plain summary

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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Financial Institution Forbearance Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-116hr7913.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/hr>

Record fed-us-cong116-hr7913 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116