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SECTION 1. SHORT TITLE, PURPOSE.

(a) Short Title.--This Act may be cited as the ''Hurricane Check
Cashing Relief Act of 2005''.
(b) Purpose.--The purpose of this Act is to reduce the suffering
and financial difficulties of victims of 2005 hurricanes--
(1) whose home insured depository institutions and insured
credit unions, or the insured depository institution or insured
credit union on which any check or share draft payable to any
such victim is drawn, are closed, or whose records are
otherwise inaccessible, due to certain 2005 hurricanes;
(2) who lack access to operating automated teller machines
for whatever reason as a result of any such hurricane,
including inoperable payment networks;
(3) who lack some or all of the requisite forms of
identification necessary to cash their own or a third-party
check or share draft; or
(4) who are otherwise unable, by reason of any such
hurricane, to access amounts on deposit at an insured
depository institution or insured credit union.

SEC. 2. EMERGENCY AUTHORITY TO GUARANTEE CHECKS CASHED FOR VICTIMS OF
CERTAIN 2005 HURRICANES.

(a) FDIC.--
(1) In general.--Subject to subsection (d), the Federal
Deposit Insurance Corporation shall establish, in accordance
with emergency guidance issued by the Board of Governors of the
Federal Reserve System under subsection (d)(1), an emergency
program under which an insured depository institution may
obtain, subject to subsection (d)(2), a commitment from the
Corporation to indemnify the insured depository institution for
any loss suffered by the institution through cashing a check or
share draft that--
(A) is presented for payment by any individual who,
as of August 25, 2005, resided in the State of Florida,
Alabama, Mississippi, Louisiana, or Texas in an area in
which the President, pursuant to section 401 of the
Robert T. Stafford Disaster Relief and Emergency
Assistance Act, determined, on or after August 25,
2005, that a major disaster exists; and
(B) is subsequently uncollectible,
in an amount not to exceed $2,000 for each such check or share
draft.
(2) Source of funds for payments.--Any payments required to
be made by the Corporation pursuant to a commitment under
paragraph (1) to an insured depository institution shall be
drawn from funds available for such purposes under subsection
(c).
(b) NCUA.--
(1) In general.--Subject to subsection (d), the National
Credit Union Administration shall establish, in accordance with
emergency guidance issued by the Board under subsection (d)(1),
an emergency program under which an insured credit union may
obtain, subject to subsection (d)(2), a commitment from the
Administration to indemnify the insured credit union for any
loss suffered by the credit union through cashing a share draft
or check that--
(A) is presented for payment by any individual who,
as of August 25, 2005, resided in the State of Florida,
Alabama, Mississippi, Louisiana, or Texas in an area in
which the President, pursuant to section 401 of the
Robert T. Stafford Disaster Relief and Emergency
Assistance Act, determined, on or after August 25,
2005, that a major disaster exists; and
(B) is subsequently uncollectible,
in an amount not to exceed $2,000 for each such check or share
draft
(2) Source of funds for payments.--Any payments required to
be made by the National Credit Union Administration pursuant to
a commitment under paragraph (1) to an insured credit union
shall be drawn from funds available for such purposes under
subsection (c).
(3) Limited extension of check cashing services.--
Notwithstanding any limitation in section 107(12) of the
Federal Credit Union Act with regard to field of membership, an
insured credit union may cash any check presented for payment
by any individual described in paragraph (1)(A).
(c) Reimbursement From Federal Reserve Surpluses.--Section 7(b) of
the Federal Reserve Act (12 U.S.C. 289(b)) is amended by adding at the
end the following new paragraph:
''(4) Additional transfers to cover certain relief efforts
resulting from hurricanes of 2005.--
''(A) In general.--Subject to subparagraph (C),
from the surplus funds of the Federal reserve banks
maintained pursuant to subsection (a)(2), the Federal
reserve banks shall transfer to the Board of Governors
of the Federal Reserve System for transfer to the
Federal Deposit Insurance Corporation and the National
Credit Union Administration, such sums as are necessary
to meet any payments required under subsection (a)(1)
or (b)(1) of section 2 of the Hurricane Check Cashing
Relief Act. In the event that the total amount of
requests for indemnification received by the Federal
Deposit Insurance Corporation and the National Credit
Union Administration exceed the maximum amount
specified under subparagraph (C), the sums transferred
to the Federal Deposit Insurance Corporation and the
National Credit Union Administration, respectively,
shall be in proportion to the amount of payments
required under subsection (a)(1) and (b)(1) of section
2 of the Hurricane Check Cashing Relief Act of 2005,
respectively.
''(B) Allocation by federal reserve board.--Of the
total amount required to be paid by the Federal reserve
banks, the Board of Governors of the Federal Reserve
System shall determine the amount each such bank shall
pay.
''(C) Maximum amount.--The total amount transferred
under subparagraph (A) from all Federal reserve banks
shall not exceed $200,000,000.
''(D) Replenishment of surplus fund prohibited.--No
Federal reserve bank may replenish such bank's surplus
fund by the amount of any transfer by such bank under
subparagraph (A).''.
(d) Emergency Guidance and Limitations.--
(1) In general.--The Board, after consulting the Federal
Deposit Insurance Corporation and the National Credit Union
Administration, shall, upon the enactment of this Act, promptly
issue appropriate guidance--
(A) to carry out the purposes of this section and
administer the programs established in accordance with
this section;
(B) to reduce the incidence of fraud and any other
cause of loss to the greatest extent possible,
consistent with the purpose of this Act;
(C) to require insured depository institutions and
insured credit unions to exercise due diligence in
determining the eligibility of any check presented by
any individual for indemnification under this section,
including such measures as verification of Social
Security numbers and other identifying information as
the Board may determine to be practicable;
(D) to provide insured depository institutions and
insured credit unions with reasonable guidance, in
light of the emergency circumstances presented by
certain 2005 hurricanes, so as to meet the requirements
for indemnification under this section, including the
sharing of information on checks that have been
presented for indemnification; and
(E) notwithstanding any Federal or State law, to
provide for the right of the Board of Governors of the
Federal Reserve System, on behalf of the Federal
reserve banks and through the Federal Deposit Insurance
Corporation and the National Credit Union
Administration, to recover from any insured depository
institution or insured credit union the amount of any
indemnification paid to such depository institution or
credit union with respect to any check, to the extent
of the amount so paid, if the insured depository
institution or insured credit union collects on the
check.
(2) Compliance with guidance condition.--The emergency
guidance issued under paragraph (1) shall require any insured
depository institution or insured credit union seeking a
commitment under subsection (a)(1) or (b)(1) to demonstrate
that the institution or credit union is in compliance with the
guidance in such manner as the Board determines to be
appropriate and practicable.
(3) Per individual per institution limitation.--No specific
insured depository institution or insured credit union may be
indemnified for losses in excess of $2,000 with respect to
checks and share drafts presented by any one individual.
(e) Definitions.--For purposes of this Act, the following
definitions shall apply:
(1) Board.--The term ''Board'' means the Board of Governors
of the Federal Reserve System.
(2) Insured credit union.--The term ''insured credit
union'' has the same meaning as in section 101 of the Federal
Credit Union Act.
(3) Insured depository institution.--The term ''insured
depository institution'' has the same meaning as in section 3
of the Federal Deposit Insurance Act.
(f) Rule of Construction.--No provision of this section shall be
construed as affecting any right or obligation of an insured depository
institution or insured credit union to take any action against any
person in connection with a fraudulent check, a fraudulent negotiation
of a check, or any other intentional act of a fraudulent or deceptive
nature.
(g) Effective Date.--
(1) In general.--Subject to paragraph (2), the provisions
of this section shall apply to checks or share drafts presented
to an insured depository institution or an insured credit union
during the period beginning on August 25, 2005, and ending
November 15, 2005.
(2) Limited extension.--The period described in paragraph
(2) may be extended once for an additional 60 days if--
(A) the Board, after consulting with the Federal
Deposit Insurance Corporation and the National Credit
Union Administration, 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 section in order to continue to
meet the immediate needs of victims of the disaster;
and
(B) notice of such determination is published in
the Federal Register at least 5 days before the end of
the period described in paragraph (1).
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.