124 STAT. 4135 PUBLIC LAW 111–382—JAN. 4, 2011 of the assessment or special premium is subject to the proce- dures and penalties described under subsections (d), (e), and (f) of section 202.’’. SEC. 2. EQUITY RATIO. Section 202(h)(2) of the Federal Credit Union Act (12 U.S.C. 1782(h)(2)) is amended by striking ‘‘when applied to the Fund,’’ and inserting ‘‘which shall be calculated using the financial state- ments of the Fund alone, without any consolidation or combination with the financial statements of any other fund or entity,’’. SEC. 3. NET WORTH DEFINITION. Section 216(o)(2) of the Federal Credit Union Act (12 U.S.C. 1790d(o)(2)) is amended to read as follows: ‘‘(2) NET WORTH.—The term ‘net worth’— ‘‘(A) with respect to any insured credit union, means the retained earnings balance of the credit union, as deter- mined under generally accepted accounting principles, together with any amounts that were previously retained earnings of any other credit union with which the credit union has combined; ‘‘(B) with respect to any insured credit union, includes, at the Board’s discretion and subject to rules and regula- tions established by the Board, assistance provided under section 208 to facilitate a least-cost resolution consistent with the best interests of the credit union system; and ‘‘(C) with respect to a low-income credit union, includes secondary capital accounts that are— ‘‘(i) uninsured; and ‘‘(ii) subordinate to all other claims against the credit union, including the claims of creditors, share- holders, and the Fund.’’. SEC. 4. STUDY OF NATIONAL CREDIT UNION ADMINISTRATION. (a) STUDY.—The Comptroller General of the United States shall conduct a study of the National Credit Union Administration’s supervision of corporate credit unions and implementation of prompt corrective action. (b) ISSUES TO BE STUDIED.—In conducting the study required under subsection (a), the Comptroller General shall— (1) determine the reasons for the failure of any corporate credit union since 2008; (2) evaluate the adequacy of the National Credit Union Administration’s response to the failures of corporate credit unions, including with respect to protecting taxpayers, avoiding moral hazard, minimizing the costs of resolving such corporate credit unions, and the ability of insured credit unions to bear any assessments levied to cover such costs; (3) evaluate the effectiveness of implementation of prompt corrective action by the National Credit Union Administration for both insured credit unions and corporate credit unions; and (4) examine whether the National Credit Union Adminis- tration has effectively implemented each of the recommenda- tions by the Inspector General of the National Credit Union Administration in its Material Loss Review Reports, and, if not, the adequacy of the National Credit Union Administration’s reasons for not implementing such recommendation. Evaluation. Evaluation. Determination.
