ABSTRACT

CARES Act Bank and Credit Union Relief: Expirations and Extensions Under P.L. 116-260 [January 11, 2021]   [open pdf - 720KB]

From the Document: "The economic effects of the Coronavirus Disease 2019 (COVID-19) pandemic may cause numerous borrowers to miss loan repayments, potentially leading to distress at banks and credit unions. As part of Congress's response, Division A of the CARES [Coronavirus Aid, Relief, and Economic Security] Act (P.L. 116-136) included six sections--4008, 4011, 4012, 4013, 4014, and 4016--that either temporarily relaxed regulations facing banks and credit unions or provided regulators additional temporary authorities to support those institutions and their lending. [...] This Insight identifies which provisions were extended by the Consolidated Appropriations Act, 2021 (P.L. 116-260); which provisions expired; and the possible implications of those extensions and expirations. As enacted, the CARES Act provisions would have expired on the earlier of (1) the termination date of the COVID-19 national emergency declared by the President on March 13, 2020, under the National Emergencies Act (P.L. 94-412) or (2) the end of 2020. P.L. 116-260, Division N, Sections 540 and 541, extended the expiration date of CARES Act Sections 4013, 4014, and 4016 until the earlier of the emergency termination date or the end of 2021. The act did not extend Sections 4008, 4011, and 4012, and they expired on December 31, 2020."

Report Number:
CRS Insight, IN11568
Author:
Publisher:
Date:
2021-01-11
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
Help with citations