Hurricane Check Cashing Relief Act of 2005

Summary

Hurricane Check Cashing Relief Act of 2005 - Directs the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) to establish an emergency program under which an insured depository institution may obtain an indemnification commitment from the FDIC for loss it has suffered (up to $2,000 per item) through cashing a check or share draft between August 28 and October 31, 2005, that: (1) is presented for payment by any individual who, as of August 28, 2005, resided in Florida, Alabama, Mississippi, Louisiana, or Texas in a presidentially declared major disaster area;and (2) is subsequently uncollectible. Amends the Federal Reserve Act to direct the federal reserve banks to transfer from their surplus funds up to $200 million to meet the indemnification requirements of this Act. Directs the Board of Governors of the Federal Reserve (Board) to issue implementation guidelines. Provides for a limited 60-day extension of the check or share draft cashing period in specified circumstances.

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Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 6 December 2005

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• Reported in House (PDF)

  Reported in House · EN · 6 December 2005

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• Reported to House with amendment(s)

  summary · EN · 6 December 2005

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• Introduced in House (text)

  Introduced in House · EN · 27 September 2005

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• Introduced in House (PDF)

  Introduced in House · EN · 27 September 2005

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• Introduced in House

  summary · EN · 27 September 2005

  Open at official source

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