124 STAT. 1939 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(4) LOSSES THAT ARE NOT MATERIAL.— ‘‘(A) SEMIANNUAL REPORT.—For the 6-month period ending on March 31, 2010, and each 6-month period there- after, the Inspector General of the Board shall— ‘‘(i) identify any losses that the Inspector General estimates were incurred by the Fund during such 6- month period, with respect to insured credit unions; ‘‘(ii) for each loss to the Fund that is not a material loss, determine— ‘‘(I) the grounds identified by the Board or the State official having jurisdiction over a State credit union for appointing the Board as the liqui- dating agent for any Federal or State credit union; 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 Board and to Congress on the results of the determina- tions of the Inspector General that includes— ‘‘(I) an identification of any loss that warrants an in-depth review, and the reasons such review is warranted, or if the Inspector General deter- mines that no review is warranted, an explanation of such determination; and ‘‘(II) for each loss identified in subclause (I) that warrants an in-depth review, the date by which such review, and a report on the review prepared in a manner consistent with reports under paragraph (1)(A), will be completed. ‘‘(B) DEADLINE FOR SEMIANNUAL REPORT.—The Inspector General of the Board shall— ‘‘(i) submit each report required under subpara- graph (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 subparagraph (A) to any Member of Congress, upon request. ‘‘(5) GAO REVIEW.—The Comptroller General of the United States shall, under such conditions as the Comptroller General determines to be appropriate— ‘‘(A) review each report made under paragraph (1), including the extent to which the Inspector General of the Board complied with the requirements under section 8L of the Inspector General Act of 1978 (5 U.S.C. App.) with respect to each such report; and ‘‘(B) recommend improvements to the supervision of insured credit unions (including improvements relating to the implementation of this section).’’. SEC. 989. GOVERNMENT ACCOUNTABILITY OFFICE STUDY ON PROPRI- ETARY TRADING. (a) DEFINITIONS.—In this section— (1) the term ‘‘covered entity’’ means— (A) an insured depository institution, an affiliate of an insured depository institution, a bank holding company, Recommenda- tions. Determination. Time periods.
