A deadline may be extended by 60 days during a banking crisis
What the document says“A Federal banking agency may extend a deadline described under subparagraph (A) for an additional 60 days, if the Federal banking agency-- ``(i) faces ongoing circumstances that require the Federal banking agency to prioritize activities to promote stability of the United States banking system; and”
The section lets a federal banking agency extend a report deadline by 60 days where ongoing circumstances require it to prioritize work promoting the stability of the banking system, and it notifies Congress of the extension and the reasons. An agency may also consolidate several reports so long as each still meets its timing requirement, and nothing in the paragraph limits any agency's power to enforce federal law.
What the document actually says“A Federal banking agency may extend a deadline described under subparagraph (A) for an additional 60 days, if the Federal banking agency-- ``(i) faces ongoing circumstances that require the Federal banking agency to prioritize activities to promote stability of the United States banking system; and”
The agency may take another 60 days. It may do that when it must first steady the banking system.
A crisis can leave no staff free to write a report. The agency must tell Congress it is taking longer. It must also give its reasons.
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