AMENDMENT TO DEFINITION OF MATERIAL LOSS AND NONMATERIAL LOSSES TO THE NATIONAL CREDIT UNION SHARE INSURANCE FUND FOR PURPOSES OF INSPECTOR GENERAL REVIEWS.

SEC. 988. AMENDMENT TO DEFINITION OF MATERIAL LOSS AND NONMATERIAL LOSSES TO THE NATIONAL CREDIT UNION SHARE INSURANCE FUND FOR PURPOSES OF INSPECTOR GENERAL REVIEWS.(a) In General.—Section 216(j) of the Federal Credit Union Act (12 U.S.C. 1790d(j)) is amended to read as follows:“(j) Reviews Required When Share Insurance Fund Experiences Losses.—“(1) In general.—If the Fund incurs a material loss with respect to an insured credit union, the Inspector General of the Board shall—“(A) submit to the Board a written report reviewing the supervision of the credit union by the Administration (including the implementation of this section by the Administration), which shall include—“(i) a description of the reasons why the problems of the credit union resulted in a material loss to the Fund; and“(ii) recommendations for preventing any such loss in the future; and“(B) submit a copy of the report under subparagraph (A) to—“(i) the Comptroller General of the United States;“(ii) the Corporation;“(iii) in the case of a report relating to a State credit union, the appropriate State supervisor; and“(iv) to any Member of Congress, upon request.“(2) Material loss defined.—For purposes of determining whether the Fund has incurred a material loss with respect to an insured credit union, a loss is material if it exceeds the sum of—“(A) $25,000,000; and“(B) an amount equal to 10 percent of the total assets of the credit union on the date on which the Board initiated assistance under section 208 or was appointed liquidating agent.“(3) Public disclosure required.—“(A) In general.—The Board shall disclose a report under this subsection, upon request under section 552 of title 5, United States Code, without excising—“(i) any portion under section 552(b)(5) of title 5, United States Code; or“(ii) any information about the insured credit union (other than trade secrets) under section 552(b)(8) of title 5, United States Code.“(B) Rule of construction.—Subparagraph (A) may not be construed as requiring the agency to disclose the name of any customer of the insured credit union (other than an institution-affiliated party), or information from which the identity of such customer could reasonably be ascertained.124 STAT. 1939“(4) Losses that are not material.—“(A) Semiannual report.—For the 6-month period ending on March 31, 2010, and each 6-month period thereafter, the Inspector General of the Board shall—“(i) identify any losses that the Inspector General estimates were incurred by the Fund during such 6-month period, with respect to insured credit unions;“(ii) for each loss to the Fund that is not a material loss, determine—“(I) the grounds identified by the Board or the State official having jurisdiction over a State credit union for appointing the Board as the liquidating agent for any Federal or State credit union; and“(II) whether any unusual circumstances exist that might warrant an in-depth review of the loss; and“(iii) prepare and submit a written report to the Board and to Congress on the results of the determinations of the Inspector General that includes—“(I) an identification of any loss that warrants an in-depth review, and the reasons such review is warranted, or if the Inspector General determines that no review is warranted, an explanation of such determination; and“(II) for each loss identified in subclause (I) that warrants an in-depth review, the date by which such review, and a report on the review prepared in a manner consistent with reports under paragraph (1)(A), will be completed.“(B) Deadline for semiannual report.—The Inspector General of the Board shall—“(i) submit each report required under subparagraph (A) expeditiously, and not later than 90 days after the end of the 6-month period covered by the report; and“(ii) provide a copy of the report required under subparagraph (A) to any Member of Congress, upon request.“(5) GAO review.—The Comptroller General of the United States shall, under such conditions as the Comptroller General determines to be appropriate—“(A) review each report made under paragraph (1), including the extent to which the Inspector General of the Board complied with the requirements under section 8L of the Inspector General Act of 1978 (5 U.S.C. App.) with respect to each such report; and“(B) recommend improvements to the supervision of insured credit unions (including improvements relating to the implementation of this section).”.