Page 564

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—
Reports. ‘‘(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

LAWS than an institution-affiliated party), or information from which the identity of such customer could reasonably be ascertained.PUBLIC with on anorris VerDate Nov 24 2008 03:41 Aug 28, 2010 Jkt 089139 PO 00203 Frm 00564 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203