((a)) ** Definitions** In this section:

((1)) ** Applicable period** The term “applicable period” means the period beginning on and ending on the earlier of , or the date that is 60 days after the date on which the national emergency concerning the novel coronavirus disease (COVID–19) outbreak declared by the President on under the National Emergencies Act ( et seq.) terminates.50 U.S.C. 1601March 1, 20202020-03-01January 1, 20222022-01-01March 13, 20202020-03-13

((2)) ** Appropriate federal banking agency** The term “appropriate Federal banking agency”—

((A)) has the meaning given the term in ; and

((B)) includes the National Credit Union Administration.

((b)) ** Suspension**

((1)) ** In general** During the applicable period, a financial institution, including an insurance company, may elect to—

((A)) suspend the requirements under United States generally accepted accounting principles for loan modifications related to the coronavirus disease 2019 (COVID–19) pandemic that would otherwise be categorized as a troubled debt restructuring; and

((B)) suspend any determination of a loan modified as a result of the effects of the coronavirus disease 2019 (COVID–19) pandemic as being a troubled debt restructuring, including impairment for accounting purposes under United States Generally Accepted Accounting Principles.

((2)) ** Applicability** Any suspension under paragraph (1)—

((A)) shall be applicable for the term of the loan modification, but solely with respect to any modification, including a forbearance arrangement, an interest rate modification, a repayment plan, and any other similar arrangement that defers or delays the payment of principal or interest, that occurs during the applicable period for a loan that was not more than 30 days past due as of ; and

((B)) shall not apply to any adverse impact on the credit of a borrower that is not related to the coronavirus disease 2019 (COVID–19) pandemic.

((c)) ** Deference** The appropriate Federal banking agency of the financial institution, including an insurance company, shall defer to the determination of the financial institution, including an insurance company, to make a suspension under this section.

((d)) ** Records** For modified loans for which suspensions under subsection (a) apply—

((1)) financial institutions, including insurance companies, should continue to maintain records of the volume of loans involved; and

((2)) the appropriate Federal banking agencies may collect data about such loans for supervisory purposes.