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WASHINGTON-The House unanimously approved legislation providing relief to the portion of the financial services industry directly impacted by Hurricane Katrina. The House voted 411-0 on Oct. 27 to approve the Hurricane Katrina Financial Services Relief Act (H.R. 3945). The legislation provides for waivers of Federal Reserve fees on coin, currency, and wire services as well as providing targeted relief from Prompt Corrective Action. The credit union trades have been asking the bill’s author, Richard Baker (R-La.), to include permanent PCA relief for credit unions through a risk-based system to no avail. The bill is awaiting the attention of the Senate Banking Committee as the congressional calendar winds down. Lawmakers are likely to end business for the year just before Thanksgiving.

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