1. Short title This Act may be cited as the Financial Institution Forbearance Act . 2. Temporary relief from troubled debt restructurings (a) Definitions Section 4013(a) of the CARES Act ( 15 U.S.C. 9051(a) ) is amended— (1) in paragraph (1), by striking the earlier of December 31, 2020, 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 March 13, 2020 under the National Emergencies Act ( 50 U.S.C. 1601 et seq.) terminates and inserting March 1, 2021 ; and (2) by adding at the end the following: (3) Depository institution The term depository institution — (A) has the meaning given the term in section 3 of the Federal Deposit Insurance Act; and (B) means a State or Federal credit union, as such terms are defined, respectively, under section 101 of the Federal Credit Union Act. (4) Financial institution The term financial institution means— (A) a depository institution; (B) a lender that is not a depository institution; and (C) an insurer. . (b) Applicability Section 4013(b)(2)(A) of the CARES Act ( 15 U.S.C. 9051(b)(2)(A) ) is amended by striking December 31, 2019 and inserting March 1, 2020 . (c) Treatment by regulators Section 4013 of the CARES Act ( 15 U.S.C. 9051 ) is amended— (1) in subsection (c), by striking financial institution each place such term appears and inserting depository institution ; and (2) by adding at the end the following: (e) Treatment by regulators (1) In general With respect to any loan for which an election has been made by a depository institution under subsection (b), the appropriate Federal banking agency— (A) at the election of the depository institution, shall not require the depository institution to classify such loan as impaired for credit risk until April 1, 2022