Page:United States Statutes at Large Volume 124.djvu/1964

 124 STAT. 1938 PUBLIC LAW 111–203—JULY 21, 2010 (b) TECHNICAL AND CONFORMING AMENDMENT.—The heading for subsection (k) of section 38 of the Federal Deposit Insurance Act (U.S.C. 1831o(k)) is amended to read as follows: ‘‘(k) REVIEWS REQUIRED WHEN DEPOSIT INSURANCE FUND INCURS LOSSES.—’’. SEC. 988. AMENDMENT TO DEFINITION OF MATERIAL LOSS AND NON - MATERIAL 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 EXPERI- ENCES 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. Reports.