Page:United States Statutes at Large Volume 107 Part 3.djvu/436

 107 STAT. 2374 PUBLIC LAW 103-204—DEC. 17, 1993 Corporation's response to the findings and recommendations. "(iii) Maintain a close working relationship with the inspector general of the Corporation and the Comptroller General of the United States. Reports. «(iv) Regularly report the findings and any recommendation of the audit committee to the Corporation and the Thrift Depositor Protection Oversight Board. j1 by the audit committee to ue Corporation and the Tiirift Depositor Protection Oversight Board. "(C) FEDERAL ADVISORY COMMITTEE ACT NOT APPLICABLE.—The audit committee is not an advisory committee within the meaning of section 3(2) of the Federal Advisory Committee Act. "(9) CORRECTIVE RESPONSES TO AUDIT PROBLEMS.— The Corporation shall— '^(A) respond to problems identified by auditors of the Corporation's financial and asset-disposition operations, including problems identified in audit reports by the inspector general of the Corporation, the Comptroller General of the United States, and the audit committee; or "(B) certify to the Thrift Depositor Protection Oversight Board that no action is necessary or appropriate. "(10) ASSISTANT GENERAL COUNSEL FOR PROFESSIONAL LIABILITY. — "(A) APPOINTMENT.— The Corporation shall appoint, within the division of legal services of the Corporation, an assistant general counsel for professional liability. "(B) DUTIES.—The assistcint general counsel for professional liability shall— "(i) direct the investigation, evaluation, and prosecution of all professional liability claims involving the Corporation; and "(ii) supervise all legal, investigative, and other personnel and contractors involved in the litigation of such claims. "(C) SEMIANNUAL REPORTS TO THE CONGRESS. — The assistant genered counsel for professional liability shall submit to the Congress a comprehensive litigation report, not later than— "(i) April 30 of each year for the 6-month period > ending on March 31 of that year; and "(ii) October 31 of each year for the 6-month period ending on September 30 of that year. "(D) CONTENTS OF REPORTS. —The semiannual reports required under subparagraph (C) shall each address the activities of the counsel for professional liability under subparagraph (B) and all civil actions— ^r1 "(i) in which the Corporation is a party, which ' arefiledagainst— 1 "(1) directors or officers of depository institutions described in subsection (b)(3)(A); or "(II) attorneys, accoiuitants, appraisers, or other licensed professionals who performed professional services for such depository institutions; and
 * (v) Monitor the financial operations of the Corporation and report any incipient problem identified

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