CREDIT UNION AUDIT REQUIREMENTS.

SEC. 919. CREDIT UNION AUDIT REQUIREMENTS. Section 202(a) of the Federal Credit Union Act (12 U.S.C. 1782(a)) is amended by adding at the end thereof the following new paragraph: “(6) Audit requirement.— “(A) In general.—Before the end of the 120-day period beginning on the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and notwithstanding any other provision of Federal or State law, the Board shall prescribe, by regulation, audit standards which require an outside, independent audit of any insured credit union by a certified public accountant for any fiscal year (of such credit union)— “(i) for which such credit union has not conducted an annual supervisory committee audit; “(ii) for which such credit union has not received a complete and satisfactory supervisory committee audit; or “(iii) during which such credit union has experienced persistent and serious recordkeeping deficiencies, as determined by the Board. “(B) Unsafe or unsound practice.—The Board may treat the failure of any insured credit union to obtain an outside, independent audit for any fiscal year for which such audit is required under subparagraph (A) as an unsafe or unsound practice within the meaning of section 206(b).”.