Hurricane Check Cashing Relief Act of 2005

Bill: 109-hr-3909
Sponsor: Rep. Brown-Waite, Ginny [R-FL-5]
Introduced: 2005-09-27 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative procedure
Alabama
Bank fraud
Bank reserves
Checks
Collection of accounts
Commerce
Credit unions
Crime and Law Enforcement
Crime prevention
Displaced persons
Economics and Public Finance
Emergency Management
Federal Deposit Insurance Corporation
Federal Reserve System
Floods
Florida
Government Operations and Politics
Government corporations
Hurricane aftermath legislation
Hurricanes
Identification devices
Indemnity
Law
Losses
Louisiana
Mississippi
National Credit Union Administration
Social Welfare
Social security numbers
Standards
Texas
Water Resources Development

Summary:
action_date: 2005-09-27
text: 
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.

action_date: 2005-12-06
text: 
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 25 and November 15, 2005, that: (1) is presented for payment by any individual who, as of August 25, 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 if the Board determines that the continuing impact of the 2005 hurricane disasters on financial intermediation between consumers and financial institutions, on payment networks, and on other forms of communication require an extension of the programs established under this Act in order to continue to meet the immediate needs of victims of the disaster.


Legislative actions:
action_date: 2005-12-06
text: Placed on the Union Calendar, Calendar No. 179.
action_date: 2005-12-06
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 109-326.
action_date: 2005-12-06
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 109-326.
action_date: 2005-10-28
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2005-10-28
text: Committee Consideration and Mark-up Session Held.
action_date: 2005-09-27
text: Referred to the House Committee on Financial Services.
action_date: 2005-09-27
text: Introduced in House
action_date: 2005-09-27
text: Introduced in House