Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Improved Oversight 
by Financial Inspectors General Act of 2009’’. 
SEC. 2. AMENDMENT TO DEFINITION OF MATERIAL LOSS 
AND NONMATERIAL LOSSES TO THE DEPOSIT 
INSURANCE FUND FOR PURPOSES OF IN-
SPECTORS GENERAL REVIEWS. 
(a) IN GENERAL.—Section 38(k) of the Federal De-
posit Insurance Act (U.S.C. 1831o(k)) is amended— 
(1) in paragraph (2), by striking subparagraph 
(B) and inserting the following new subparagraph: 
‘‘(B) MATERIAL
LOSS
DEFINED.—The 
term ‘material loss’ means any estimated loss in 
excess of $200,000,000, occurring after March 
31, 2009.’’; 
(2) in that portion of paragraph (4)(A) that 
precedes clause (i), by striking ‘‘the report’’ and in-
serting ‘‘any reports under this subsection on 
losses’’; 
(3) by striking paragraph (6); 
(4) by redesignating paragraph (5) as para-
graph (6); and
(5) by inserting after paragraph (4) the fol-
lowing new paragraph: 
‘‘(5) LOSSES THAT ARE NOT MATERIAL.— 
‘‘(A) SEMIANNUAL REPORT.—For the 6- 
month period ending on September 30, 2009, 
and each 6-month period thereafter, the Inspec-
tor General of each Federal banking agency 
shall— 
‘‘(i) identify losses estimated to be in-
curred by the Deposit Insurance Fund 
during that 6-month period with respect to 
insured depository institutions supervised 
by such Federal banking agency; 
‘‘(ii) for each loss to the Deposit In-
surance Fund (as a loss to such Fund is 
defined in paragraph (2)(A)) that is not a 
material loss, determine the grounds iden-
tified by the Federal banking agency or 
State 
bank 
supervisor 
under 
section 
11(c)(5) for appointing the Corporation as 
receiver and whether any unusual cir-
cumstances exist that might warrant an in- 
depth review of the loss; and 
‘‘(iii) prepare a written report to the 
appropriate Federal banking agency and
for the Congress on the results of the In-
spector General’s determinations, includ-
ing— 
‘‘(I) the identity of any loss that 
warrants an in-depth review and the 
reasons why such review is warranted, 
or if the Inspector General determines 
that no review is warranted, an expla-
nation of such determination; and 
‘‘(II) for each loss identified in 
subclause (I) that warrants an in- 
depth review, a date by which such re-
view, and a report on the review pre-
pared in a manner consistent with re-
ports under paragraph (1)(A), will be 
completed. 
‘‘(B) DEADLINE
FOR
SEMIANNUAL
RE-
PORT.—The Inspector General of each Federal 
banking agency shall— 
‘‘(i) comply with the semiannual re-
port requirements of paragraph (A) expedi-
tiously, and in any event within 90 days 
after the end of the 6-month period cov-
ered by the report; and
‘‘(ii) provide a copy of the report to 
any Member of Congress upon request.’’. 
(b) TECHNICAL AND CONFORMING AMENDMENT.— 
The heading for subsection (k) of section 38 of the Fed-
eral Deposit Insurance Act (U.S.C. 1831o(k)) is amend-
ed— 
(1) by striking ‘‘REVIEW’’ and inserting ‘‘RE-
VIEWS’’; and 
(2) by striking ‘‘MATERIAL LOSS’’ and inserting 
‘‘LOSSES’’. 
SEC. 3. AMENDMENT TO DEFINITION OF MATERIAL LOSS 
AND NONMATERIAL LOSSES TO THE NA-
TIONAL CREDIT UNION SHARE INSURANCE 
FUND FOR PURPOSES OF INSPECTORS GEN-
ERAL REVIEWS. 
(a) IN GENERAL.—Subsection (j) of section 216 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 mate-
rial loss with respect to an insured credit union, the 
inspector general of the Board shall— 
‘‘(A) make a written report to the Board 
reviewing the Administration’s supervision of
the credit union (including the Administration’s 
implementation of this section), which shall— 
‘‘(i) ascertain why the credit union’s 
problems resulted in a material loss to the 
Fund; and 
‘‘(ii) make recommendations for pre-
venting any such loss in the future; and 
‘‘(B) provide a copy of the report to— 
‘‘(i) the Comptroller General of the 
United States; (ii) the Corporation (if the 
agency is not the Corporation); 
‘‘(ii) in the case of a State credit 
union, the appropriate State supervisor; 
and 
‘‘(iii) upon request by any Member of 
Congress, to that Member. 
‘‘(2) MATERIAL LOSS DEFINED.—For purposes 
of determining whether the Fund has incurred a ma-
terial 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 at the time at 
which the Board initiated assistance under sec-
tion 1788 of this title or was appointed liqui-
dating agent. 
‘‘(3) PUBLIC DISCLOSURE REQUIRED.— 
‘‘(A) IN GENERAL.—The Board shall dis-
close a report under this subsection upon re-
quest under section 552 of title 5 without excis-
ing— 
‘‘(i) 
any 
portion 
under 
section 
552(b)(5) of that title; or 
‘‘(ii) any information about the in-
sured credit union (other than trade se-
crets) or paragraph (8) of section 552(b) 
of that title. 
‘‘(B) 
EXCEPTION.—Subparagraph 
(A) 
shall not be construed as requiring the agency 
to disclose the name of any customer of the in-
sured credit union (other than an institution-af-
filiated party), or information from which such 
a 
person’s 
identity 
could 
reasonably 
be 
ascertained. 
‘‘(4) LOSSES THAT ARE NOT MATERIAL.— 
‘‘(A) SEMIANNUAL REPORT.—For the 6- 
month period ending on September 30, 2009, 
and each 6-month period thereafter, the Inspec-
tor General of the Board shall—