Hurricane Katrina Financial Services Relief Act of 2005

Bill: 109-hr-3945
Sponsor: Rep. Baker, Richard H. [R-LA-6]
Introduced: 2005-09-29 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative remedies
Alabama
Bank capital
Bank deposits
Checks
Commerce
Credit unions
Department of the Treasury
Disaster insurance
Disaster relief
Electronic funds transfers
Emergency Management
Federal Deposit Insurance Corporation
Federal Reserve System
Fees
Financial services
Floods
Government Operations and Politics
Government corporations
Hurricane aftermath legislation
Hurricanes
Law
Louisiana
Mississippi
National Credit Union Administration
Rebates
Science, Technology, Communications
Social Welfare
User charges
Water Resources Development

Summary:
action_date: 2005-09-29
text: 
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.

action_date: 2005-10-27
text: 
Hurricane Katrina Financial Services Relief Act of 2005 - (Sec. 4) 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 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 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.
 
(Sec. 5) 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.
 
(Sec. 6) Authorizes a federal financial regulator in specified circumstances 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, in calculating compliance with the applicable leverage limit, to subtract from its total assets an amount not exceeding the qualifying amount attributable to insurance proceeds.
 
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 25, 2005; (3) incurred reduction of its capital or net worth category as a direct result of Hurricane Katrina;(4) has established a recovery plan, or a capital or net worth restoration plan; and (5) has an acceptable plan for managing the increase in its total assets and deposits.
 
(Sec. 8) Terminates the application of this Act 180 days after its enactment. Allows one additional 30-day extension by the Board of Governors of the Federal Reserve System of the application period.


Legislative actions:
action_date: 2005-10-28
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2005-10-27
text: Received in the Senate.
action_date: 2005-10-27
text: The title of the measure was amended. Agreed to without objection.
action_date: 2005-10-27
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 411 - 0 (Roll no. 549). (text: CR 10/26/2005 H9123-9124)
action_date: 2005-10-27
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2005-10-27
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 411 - 0 (Roll no. 549).(text: CR 10/26/2005 H9123-9124)
action_date: 2005-10-27
text: Considered as unfinished business. (consideration: CR H9309-9310)
action_date: 2005-10-26
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2005-10-26
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 3945.
action_date: 2005-10-26
text: Considered under suspension of the rules. (consideration: CR H9123-9125)
action_date: 2005-10-26
text: Mr. Baker moved to suspend the rules and pass the bill, as amended.
action_date: 2005-09-29
text: Referred to the House Committee on Financial Services.
action_date: 2005-09-29
text: Introduced in House
action_date: 2005-09-29
text: Introduced in House