9.18.20
With the regulatory relief provided by the CARES Act set to expire at the end of this year, many banking industry professionals are calling for Congress to extend the relief into 2021. Given the ongoing pandemic and unpredictable state of the economic recovery, they believe that many financial institutions and businesses will continue to struggle once the relief expires. Specifically, the industry is focused on extending relief regarding the recategorization of loan modifications related to the pandemic and CECL implementation delay. While some Members of Congress are supportive of the CARES Act extension, high tensions in Congress could make it highly unlikely a vote takes place.