Improved Oversight by Financial Inspectors General Act of 2009
Latest action · Jul 30, 2009 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 24, 2009
- Passed HouseJul 29, 2009
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Improved Oversight by Financial Inspectors General Act of 2009 - (Sec. 2) Amends the Federal Deposit Insurance Act (FDIA) to revise the meaning of material loss to repeal its definition as an amount exceeding the greater of $25 million or 2% of the institution's total assets at the time the Federal Deposit Insurance Corporation (FDIC) initiated assistance or was appointed receiver. Counts as a material loss any estimated loss in excess of $200 million occurring after March 31, 2009.
Requires the Inspector General (IG) of each federal banking agency to report semiannually to the appropriate federal agency and to Congress regarding: (1) losses estimated to be incurred by the Deposit Insurance Fund (DIF) with respect to insured depository institutions the agency supervises; (2) each loss that is not a material loss, the grounds for appointing the FDIC as receiver, and whether any unusual circumstances exist that might warrant an in-depth review of the loss; and (3) the results of the IG's determinations.
(Sec. 3) Amends the Federal Credit Union Act (FCUA) to require the IG of the National Credit Union Administration (NCUA) to report to the NCUA Board about any material loss to the National Credit Union Share Insurance Fund (NCUSIF) with respect to an insured credit union regarding: (1) why the credit union's problems resulted in a material loss to the NCUSIF; and (2) how such loss may be prevented in the future.
Revises the definition of material loss to the NCUSIF, currently an amount exceeding the sum of $10 million and 10% of the credit union's total assets at the time the NCUA Board initiated assistance or was appointed liquidating agent. Increases the $10 million to $25 million.
Requires the IG of the NCUA Board to report semiannually to the Board and Congress regarding: (1) losses estimated to be incurred by the NCUSIF with respect to insured credit unions; (2) each loss that is not a material loss, the grounds for appointing the NCUA Board as liquidating agent for any federal or state credit union, and whether any unusual circumstances exist that might warrant an in-depth review of the loss; and (3) the results of the IG's determinations.
Instructs the Comptroller General to: (1) review reports regarding material losses to the NCUSIF, and (2) make recommendations for improvements in the supervision of insured credit unions.
Cosponsors 3
Members who signed on, in the order they did. All signed on Jul 24, 2009.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NY | Christopher J. Lee | Original | Jul 24, 2009 |
| D-KS | Dennis Moore | Original | Jul 24, 2009 |
| R-IL | Judy Biggert | Original | Jul 24, 2009 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jul 24, 2009 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Jul 30, 2009 |
Actions 8
Everything that happened, newest first.
- Jul 30, 2009Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Jul 29, 2009Mr. Moore (KS) moved to suspend the rules and pass the bill.
- Jul 29, 2009Considered under suspension of the rules. (consideration: CR H8967-8970)
- Jul 29, 2009DEBATE - The House proceeded with forty minutes of debate on H.R. 3330.
- Jul 29, 2009Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H8967-8968)
- Jul 29, 2009Motion to reconsider laid on the table Agreed to without objection.
- Jul 24, 2009Introduced in House
- Jul 24, 2009Referred to the House Committee on Financial Services.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H8967–H8970Text printed H8967 | Christopher J. Lee R-NY, Dennis Moore D-KS, Erik Paulsen R-MN, Judy Biggert R-IL, Steve Driehaus D-OH | Jul 29, 2009 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 111-129 | REVIEWING FinCEN OVERSIGHT REPORTS246 pages | Financial Services Committee | Apr 28, 2010 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Federal Deposit Insurance Act and the Federal Credit Union Act to provide more effective reviews of losses in the Deposit Insurance Fund and the Share Insurance Fund by the Inspectors General of the several Federal banking agencies and the National Credit Union Administration Board, and for other purposes.
- Short Titles as Introduced
- Improved Oversight by Financial Inspectors General Act of 2009
- Short Titles as Passed House
- Improved Oversight by Financial Inspectors General Act of 2009
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 3
Each version as it was printed, newest first.
- Jul 30, 2009Referred in Senate
- Jul 29, 2009Engrossed in House
- Jul 24, 2009Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
