Credit Union Regulatory Improvements Act of 2005

Credit Union Regulatory Improvements Act of 2005 - Amends the Federal Credit Union Act to reduce the minimum net worth ratio requirements of well-capitalized, adequately capitalized, under capitalized, and significantly undercapitalized credit unions. Sets the minimum risk-based net ratio at 8%.

Revises the requirement that the National Credit Union Administration Board design the risk-based net worth standard to take account of any material risks to insured credit unions. Requires the standard to be designed in relation to risk assets, and to be based on comparable standards for taking into account material risks to insured depository institutions under the Federal Deposit Insurance Act that are applicable to credit unions.

Revises definitions relating to net worth of credit unions.

Cites circumstances in which the Board may waive the requirement that an undercapitalized credit union submit an acceptable net worth restoration plan.

Revamps guidelines governing limits and restrictions on member business loans.

Authorizes credit unions to lease to any business enterprise separate and clearly distinct space in buildings in credit union offices in underserved areas.

Permits a credit union to invest securities for its own account.

Increases from 12 to 15 years the term of credit union loans.

Increases from 1% to 3% the investment limit in credit union service organizations.

Permits credit unions to offer check cashing and money transfer services to persons within the field of membership (instead of, as currently, to members only).

Extends to voluntary mergers on or after August 7, 1998, involving multiple common-bond credit unions the exemption from the numerical limit (only a group with fewer than 3,000 members) for eligibility for inclusion in the field of membership category of such a credit union.

Requires the Board to prescribe criteria for continued membership of certain member groups in the case of conversions of certain credit unions to a community charter.

Amends the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to treat credit unions as banks which shall not be considered brokers or dealers because the credit unions engage in certain broker- or dealer-related activities.