Hurricane Katrina Financial Services Relief Act of 2005

Summary

Hurricane Katrina Financial Services Relief Act of 2005 - Expresses the sense of Congress that it is vital that insured depository institutions and insured credit unions continue to provide financial services to consumers displaced or otherwise affected by Hurricane Katrina, which includes the cashing of federal government assistance and benefit checks. Urges the Secretary of the Treasury and the federal financial regulators to seek to educate insured depository institutions and insured credit unions on the proper application of the guidance on cashing of federal government assistance and benefit checks. Urges the federal financial regulators to continue to work with such institutions and credit unions operating under extraordinary circumstances to facilitate the cashing of federal government assistance and benefit checks. Requires a federal reserve bank to waive or rebate any transaction fee for wire transfer services that otherwise would be imposed on any insured depository institution or insured credit union that, as of August 28, 2005, was headquartered in a qualified disaster area. Authorizes a federal financial regulator in specified circumstances to: (1) forbear from taking any action with respect to any undercapitalized insured entity; and (2) permit such an entity to subtract specified amounts from its total assets in calculating compliance with the applicable leverage limit. Identifies such an insured entity as one that: (1) derives more than 50% of its total deposits from persons who normally reside within, or whose principal place of business is normally within, a qualified disaster area; (2) was adequately capitalized as of August 28, 2005; (3) incurred reduction of its capital or net worth category as a direct result of Hurricane Katrina; and (4) has a recovery plan or net worth restoration plan to facilitate recovery consistent with safe and sound practices.

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Documents

8 official files

• Referred in Senate (text)

  Referred in Senate · EN · 28 October 2005

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• Referred in Senate (PDF)

  Referred in Senate · EN · 28 October 2005

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• Engrossed in House (text)

  Engrossed in House · EN · 27 October 2005

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• Engrossed in House (PDF)

  Engrossed in House · EN · 27 October 2005

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• Passed House amended

  summary · EN · 27 October 2005

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• Introduced in House (text)

  Introduced in House · EN · 29 September 2005

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• Introduced in House (PDF)

  Introduced in House · EN · 29 September 2005

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• Introduced in House

  summary · EN · 29 September 2005

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