H.R. 927: Common Sense Economic Recovery Act of 2013

Introduced:
Feb 28, 2013 (113th Congress, 2013–2015)
Sponsor:
Rep. Bill Posey [R-FL8]
Status:
Referred to Committee

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was assigned to a congressional committee on February 28, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Feb 28, 2013
Referred to Committee Feb 28, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

21% chance of getting past committee.
6% chance of being enacted.

Only 11% of House bills made it past committee and only 3% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
4 cosponsors (3R, 1D) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To permit certain current loans that would otherwise be treated as non-accrual loans as accrual loans, and for other purposes.

Summary

No summaries available.

Text

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Last updated Feb 28, 2013.
5 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/28/2013--Introduced.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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