Improved Oversight by Financial Inspectors General Act of 2009

[AI summary unavailable — showing source text] Improved Oversight by Financial Inspectors General Act of 2009 - 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. 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…