Hurricane Check Cashing Relief Act of 2005

[AI summary unavailable — showing source text] 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 28 and October 31, 2005, that: (1) is presented for payment by any individual who, as of August 28, 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 in specified circumstances.…