Hurricanes Rita and Wilma Financial Services Relief Act of 2005

Summary

Hurricanes Rita and Wilma 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 Rita or Wilma, 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 September 24,2005 or October 22, 2005, was headquartered in a specified qualified disaster area. Authorizes a federal financial regulator to: (1) forbear from taking any action, on a case-by-case basis, with respect to any undercapitalized insured entity that is not significantly or critically undercapitalized; and (2) permit such 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 September 24, 2005, or October 22, 2005; and (3) has an acceptable plan for managing the increase in its total assets and total deposits.

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Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 10 November 2005

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• Reported in House (PDF)

  Reported in House · EN · 10 November 2005

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• Reported to House without amendment

  summary · EN · 10 November 2005

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• Introduced in House (text)

  Introduced in House · EN · 26 October 2005

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• Introduced in House (PDF)

  Introduced in House · EN · 26 October 2005

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• Introduced in House

  summary · EN · 26 October 2005

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