HR 3330 RFS
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-
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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— 
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‘‘(i) identify losses estimated to be in-
curred by the Fund during that 6-month 
period with respect to insured credit 
unions; 
‘‘(ii) for each loss to the Fund that is 
not a material loss, determine the grounds 
identified by the Board or the State official 
having jurisdiction over a State credit 
union for appointing the Board the liqui-
dating agent for any Federal or State 
credit union 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 
Board and for the Congress on the results 
of the Inspector General’s determinations, 
including— 
‘‘(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- 
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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 the Board 
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. 
‘‘(5) GAO REVIEW.—The Comptroller General 
of the United States shall, under such conditions as 
the Comptroller General determines to be appro-
priate, review reports made under paragraph (1), in-
cluding the extent to which the Inspector General of 
the Board complied with section 8L of the Inspector 
General Act of 1978 with respect to each such re-
port, and recommend improvements in the super-
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vision of insured credit unions (including the imple-
mentation of this section).’’. 
Passed the House of Representatives July 29, 2009. 
Attest: 
LORRAINE C. MILLER, 
Clerk. 
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