H.R. 3909 · 109th Congress
Hurricane Check Cashing Relief Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
Brown-WaiteSponsor7 cosponsors · 4 D, 3 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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…
What it does: CRS summary · Reported to House with amendment(s) · Dec 6, 2005
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Hurricane Check Cashing Relief Act of 2005
Latest action (Dec 6, 2005): Placed on the Union Calendar, Calendar No. 179.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 27, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.