REPORTS.

SEC. 102. REPORTS. (a) In General.— Section 21A(k) of the Federal Home Loan Bank Act (12 U.S.C. 1441a(k)) is amended— (1) in paragraph (1)(A)— (A) by striking “The” and inserting “Notwithstanding section 9105 of title 31, United States Code, the”; and (B) by striking everything after “standards” the first place it appears and inserting “. The audited statements shall be transmitted to the Congress by the Oversight Board not later than 180 days after the end of the Corporation’s fiscal year to which those statements apply.”; (2) in paragraph (1)(B), by striking “, or by an independent certified public accountant retained to audit the Corporation’s financial statement,”; and (3) by adding at the end the following: “(8) Operating plans.— 105 STAT. 59 “(A) In general.— Before the beginning of each calendar quarter, the Oversight Board shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives a detailed financial operating plan covering the remaining quarters of the Corporation’s fiscal year in which that quarter occurs. “(B) Contents.— At a minimum, a detailed financial operating plan shall include— “(i) estimates of the aggregate assets of institutions that are projected to be resolved in each quarter, “(ii) the estimated aggregate cost of resolutions in each quarter, “(iii) the estimated aggregate asset sales and principal collections in each quarter, and “(iv) the Corporation’s summary pro forma financial statement at the end of each quarter. “(9) Reports on severely troubled institutions.— The Director of the Office of Thrift Supervision shall deliver on a quarterly basis to the Oversight Board a list of savings associations for which the Director has determined grounds exist, or are likely to exist in the current fiscal year of the Corporation and in the next following fiscal year of the Corporation, for the appointment of a conservator or receiver under the Home Owners’ Loan Act. The Oversight Board shall report the aggregate number and assets of such savings associations to Congress within 60 days after the end of each calendar quarter.”. (b) First Required Plan.— The first plan described in section 21A(k)(8) of the Federal Home Loan Bank Act, as amended by subsection (a), is due not later than 30 days after the date of enactment of this Act. (c) Timeliness of Reports.— (1) In general.— At any time when an agency is delinquent in providing information to Congress or any of its committees as required by paragraph (1), (4), (5), (6), (8), or (9) of section 21A(k) of the Federal Home Loan Bank Act or by subsection (b) of this section, the President of the Oversight Board, and the head of any agency responsible for such delinquency shall, within 15 days of such delinquency, in testimony before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives— (A) explain the causes of such delinquency; and (B) describe what steps are being taken to correct it and prevent its recurrence. Testimony shall not be required pursuant to the preceding sentence before either Committee if the Chairman and Ranking Member of such Committee agree that such testimony is not necessary. For purposes of this paragraph, the term “head of an agency” means the Chairman of the Resolution Trust Corporation with respect to reports to be filed by such Corporation, the Director of the Office of Thrift Supervision with respect to reports to be filed by such Office, and the Comptroller General with respect to audits to be conducted by the General Accounting Office. (2) Transition rule.— Any information described in paragraph (1) of this subsection that is delinquent on the date of 105 STAT. 60enactment of this Act shall be provided to the appropriate committees of Congress not later than 30 days following enactment of this Act. Failure to provide such information as required by this paragraph shall be considered as a delinquency under the provisions of paragraph (1).