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of Representatives that the number of projected fail- ures of depository institutions that would require mate- rial loss reviews for the following 12 months will be greater than 30 and would hinder the effectiveness of its oversight functions, then the definition of ‘mate- rial loss’ shall be $75,000,000 for a duration of 1 year from the date of the certification.’’; (2) in paragraph (4)(A) by striking ‘‘the report’’ and inserting ‘‘any report on losses required under this subsection,’’; (3) by striking paragraph (6); (4) by redesignating paragraph (5) as paragraph (6); and (5) by inserting after paragraph (4) the following: ‘‘(5) LOSSES THAT ARE NOT MATERIAL.— ‘‘(A) SEMIANNUAL REPORT.—For the 6-month period Time period. ending on March 31, 2010, and each 6-month period there- after, the Inspector General of each Federal banking agency shall— ‘‘(i) identify losses that the Inspector General esti- mates have been incurred by the Deposit Insurance Fund during that 6-month period, with respect to the insured depository institutions supervised by the Fed- eral banking agency; ‘‘(ii) for each loss incurred by the Deposit Insurance Fund that is not a material loss, determine— ‘‘(I) the grounds identified by the Federal banking agency or State bank supervisor for appointing the Corporation as receiver under sec- tion 11(c)(5); 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 appropriate Federal banking agency and to Congress on the results of any determination by the Inspector General, including— ‘‘(I) an identification of any loss that warrants an in-depth review, together with the reasons why such review is warranted, or, if the Inspector Gen- eral determines that no review is warranted, an explanation of such determination; and ‘‘(II) for each loss identified under subclause (I) that warrants an in-depth review, the date by which such review, and a report on such review prepared in a manner consistent with reports under paragraph (1)(A), will be completed and sub- mitted to the Federal banking agency and Con- gress. ‘‘(B) DEADLINE FOR SEMIANNUAL REPORT.—The Inspector General of each Federal banking agency shall— ‘‘(i) submit each report required under paragraph (A) expeditiously, and not later than 90 days after the end of the 6-month period covered by the report; and LAWS ‘‘(ii) provide a copy of the report required under paragraph (A) to any Member of Congress, upon request.’’.PUBLIC with on anorris VerDate Nov 24 2008 03:41 Aug 28, 2010 Jkt 089139 PO 00203 Frm 00563 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203