Reviews required when Deposit Insurance Fund incurs losses

For purposes of this subsection:

(A) Loss incurred The Deposit Insurance Fund incurs a loss with respect to an insured depository institution— (i) if the Corporation provides any assistance under section 1823(c) of this title with respect to that institution; and— (I) it is not substantially certain that the assistance will be fully repaid not later than 24 months after the date on which the Corporation initiated the assistance; or (II) the institution ceases to repay the assistance in accordance with its terms; or (ii) if the Corporation is appointed receiver of the institution, and it is or becomes apparent that the present value of the outlays of the Deposit Insurance Fund with respect to that institution will exceed the present value of receivership dividends or other payments on the claims held by the Corporation.

(B) Material loss defined The term “material loss” means any estimated loss in excess of— (i) $200,000,000, if the loss occurs during the period beginning on January 1, 2010 , and ending on December 31, 2011 ; (ii) $150,000,000, if the loss occurs during the period beginning on January 1, 2012 , and ending on December 31, 2013 ; and (iii) $50,000,000, if the loss occurs on or after January 1, 2014 , provided that if the inspector general of a Federal banking agency certifies to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that the number of projected failures of depository institutions that would require material 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 “material loss” shall be $75,000,000 for a duration of 1 year from the date of the certification.

The inspector general of the appropriate Federal banking agency shall comply with paragraph (1) expeditiously, and in any event (except with respect to paragraph (1)(B)(iv)) as follows:

(A) If the institution is described in paragraph (2)(A)(i), during the 6-month period beginning on the earlier of— (i) the date on which the institution ceases to repay assistance under section 1823(c) of this title in accordance with its terms, or (ii) the date on which it becomes apparent that the assistance will not be fully repaid during the 24-month period described in paragraph (2)(A)(i).

(B) If the institution is described in paragraph (2)(A)(ii), during the 6-month period beginning on the date on which it becomes apparent that the present value of the outlays of the Deposit Insurance Fund with respect to that institution will exceed the present value of receivership dividends or other payments on the claims held by the Corporation.

(A) In general The appropriate Federal banking agency shall disclose any report on losses required under this subsection, upon request under section 552 of title 5 without excising— (i) any portion under section 552(b)(5) of that title; or (ii) any information about the insured depository institution under paragraph (4) (other than trade secrets) or paragraph (8) of section 552(b) of that title.

(B) Exception Subparagraph (A) does not require the agency to disclose the name of any customer of the insured depository institution (other than an institution-affiliated party), or information from which such a person’s identity could reasonably be ascertained.

(A) Semiannual report For the 6-month period ending on March 31, 2010 , and each 6-month period thereafter, the Inspector General of each Federal banking agency shall— (i) identify losses that the Inspector General estimates have been incurred by the Deposit Insurance Fund during that 6-month period, with respect to the insured depository institutions supervised by the Federal 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 section 1821(c)(5) of this title ; 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 General 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 submitted to the Federal banking agency and Congress.

(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 (ii) provide a copy of the report required under paragraph (A) to any Member of Congress, upon request.

The Comptroller General of the United States shall, under such conditions as the Comptroller General determines to be appropriate, review reports made under paragraph (1) and recommend improvements in the supervision of insured depository institutions (including the implementation of this section).