Hurricanes Rita and Wilma Financial Services Relief Act of 2005

Bill: 109-hr-4146
Sponsor: Rep. Baker, Richard H. [R-LA-6]
Introduced: 2005-10-26 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative remedies
Bank capital
Bank deposits
Checks
Commerce
Credit unions
Department of the Treasury
Disaster insurance
Disaster relief
Displaced persons
Electronic funds transfers
Emergency Management
Federal Deposit Insurance Corporation
Federal Reserve System
Fees
Financial services
Floods
Florida
Government Operations and Politics
Government corporations
Hurricane aftermath legislation
Hurricanes
Law
Louisiana
National Credit Union Administration
Rebates
Science, Technology, Communications
Texas

Summary:
action_date: 2005-10-26
text: 
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.

action_date: 2005-11-10
text: 

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

 
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 federal financial regulators to seek to educate insured depository institutions and insured credit unions on the proper application of the published guidance on the cashing of such 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 such 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 forbear from taking any required action, on a case-by-case basis, with respect to any undercapitalized insured depository institution or credit union that is not significantly or critically undercapitalized, if the entity meets specified prerequisites, and the reduction in its capital or net worth category is directly attributable to the impact of Hurricane Rita or Hurricane Wilma.
 
Authorizes a federal financial regulator to permit an insured depository institution or credit union to subtract specified amounts from its total assets in calculating compliance with the applicable leverage limit if it meets specified prerequisites and has an acceptable plan for managing the increase in its total assets and deposits.
 
Identifies such an insured depository institution or credit union 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; and (2) was adequately capitalized as of September 24, 2005, or October 22, 2005.
 



Legislative actions:
action_date: 2005-11-10
text: Placed on the Union Calendar, Calendar No. 153.
action_date: 2005-11-10
text: Reported by the Committee on Financial Services. H. Rept. 109-282.
action_date: 2005-11-10
text: Reported by the Committee on Financial Services. H. Rept. 109-282.
action_date: 2005-10-28
text: Ordered to be Reported by Voice Vote.
action_date: 2005-10-28
text: Committee Consideration and Mark-up Session Held.
action_date: 2005-10-26
text: Referred to the House Committee on Financial Services.
action_date: 2005-10-26
text: Introduced in House
action_date: 2005-10-26
text: Introduced in House