Bill summaries are authored by CRS.

Shown Here:
Reported to House without amendment (11/10/2005)

(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.