Financial Services Regulatory Relief Act of 2005

Sponsor: Jeb Hensarling (R-TX)

Financial Services Regulatory Relief Act of 2005 - Title I: National Bank Provisions - (Sec. 101) Amends the Revised Statutes of the United States to authorize the Comptroller of the Currency to permit an individual to serve as director of a national bank operating as a subchapter S corporation if the individual holds debt issued by the bank of at least $1,000 that is subordinated to the interests of bank depositors and general creditors. (Current law requires capital stock ownership in the bank as a prerequisite for service as a director of a subchapter S national bank.) (Sec. 102) Allows cumulative voting by shareholders for directors of a national bank only if authorized by the bank's articles of association (thus repealing the current requirement of cumulative voting). (Sec. 103) Repeals the statutory formula for determining when lawful national bank dividend declarations may be made.

Finance and Financial Sector Topic assigned by the Congressional Research Service. CRS gives each bill one topic, based on the bill as introduced. This one carries 101 subject terms, so it spans well beyond that single label.