12 U.S.C. § 3341 : US Code - Section 3341: Functions of Federal financial institutions regulatory agencies relating to appraiser qualifications

Search 12 U.S.C. § 3341 : US Code - Section 3341: Functions of Federal financial institutions regulatory agencies relating to appraiser qualifications

(a) In general
Each Federal financial institutions regulatory agency and the
Resolution Trust Corporation shall prescribe, in accordance with
sections 3342 and 3343 of this title, which categories of federally
related transactions should be appraised by a State certified
appraiser and which by a State licensed appraiser under this
chapter.
(b) Threshold level
Each Federal financial institutions regulatory agency and the
Resolution Trust Corporation may establish a threshold level at or
below which a certified or licensed appraiser is not required to
perform appraisals in connection with federally related
transactions, if such agency determines in writing that such
threshold level does not represent a threat to the safety and
soundness of financial institutions.
(c) GAO study of appraisals in connection with real estate related
financial transactions below threshold level
(1) GAO studies
The Comptroller General of the United States may conduct, under
such conditions as the Comptroller General determines
appropriate, studies on the adequacy and quality of appraisals or
evaluations conducted in connection with real estate related
financial transactions below the threshold level established
under subsection (b) of this section, taking into account -
(A) the cost to any financial institution involved in any
such transaction;
(B) the possibility of losses to the Deposit Insurance Fund
or the National Credit Union Share Insurance Fund;
(C) the cost to any customer involved in any such
transaction; and
(D) the effect on low-income housing.
(2) Reports to Congress and the appropriate Federal financial
institutions regulatory agencies
Upon completing each of the studies referred to in paragraph
(1), the Comptroller General shall submit a report on the
Comptroller General's findings and conclusions with respect to
such study to the Federal financial institutions regulatory
agencies, the Committee on Banking, Finance and Urban Affairs of
the House of Representatives, and the Committee on Banking,
Housing, and Urban Affairs of the Senate, together with such
recommendations for legislative or administrative action as the
Comptroller General determines to be appropriate.