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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Common Sense Economic Recovery Act of 2013

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

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

Actions Overview (1)

02/28/2013Introduced in House

All Actions (2)

02/28/2013Referred to the House Committee on Financial Services.
Action By: House of Representatives
02/28/2013Introduced in House
Action By: House of Representatives

Cosponsors (4)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Waters, Maxine [D-CA-43]* 02/28/2013
Rep. Westmoreland, Lynn A. [R-GA-3]* 02/28/2013
Rep. Jones, Walter B., Jr. [R-NC-3]* 02/28/2013
Rep. Pearce, Stevan [R-NM-2] 03/19/2013

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services02/28/2013 Referred to

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Latest Summary (1)

There is one summary for H.R.927. View summaries

Shown Here:
Introduced in House (02/28/2013)

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.