Title 12 — Banks and Banking
Chapter 34A — Appraisal Subcommittee of Federal Financial Institutions Examination Council
§ 3341. Functions of Federal financial institutions regulatory agencies relating to appraiser qualifications
Statutory text
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.
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, and receives concurrence from the Bureau of Consumer Financial Protection that such threshold level provides reasonable protection for consumers who purchase 1–4 unit single-family residences.
GAO study of appraisals in connection with real estate related financial transactions below threshold level
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), taking into account—
the cost to any financial institution involved in any such transaction;
the possibility of losses to the Deposit Insurance Fund or the National Credit Union Share Insurance Fund;
the cost to any customer involved in any such transaction; and
the effect on low-income housing.
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
Pub. L. 101–73 title XI § 1112 · 103 Stat. 183
Enacted · 12 U.S.C. § 3341
Pub. L. 101–73, title XI, § 1112, Aug. 9, 1989, 103 Stat. 514
Source evidence
Code source credit
Pub. L. 101–73, title XI, § 1112, Aug. 9, 1989, 103 Stat. 514Enacted provision · exact public law section
SEC. 1112. FUNCTIONS OF THE FEDERAL FINANCIAL INSTITUTIONS REGULATORY AGENCIES RELATING TO APPRAISER QUALIFICATIONS. Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe, in accordance with sections 1113 and 1114 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 title.Housing and Community Development Act of 1992
Pub. L. 102–550 title IX § 954 · 106 Stat. 3672
Amended · 12 U.S.C. § 3341
Pub. L. 102–550 designated existing provisions as subsec. (a)
Inserted · 12 U.S.C. § 3341
Pub. L. 102–550 inserted heading
Added · 12 U.S.C. § 3341
Pub. L. 102–550 added subsecs. (b) and (c)
Source evidence
Code amendment note
Pub. L. 102–550 designated existing provisions as subsec. (a), inserted heading, and added subsecs. (b) and (c).Deposit Insurance Funds Act of 1996
Pub. L. 104–208 § 2704(d)(15)(B) · 110 Stat. 3009
Repealed · 12 U.S.C. § 3341(c)(1)(B)
Pub. L. 104–208, § 2704(d)(15)(B), which directed substitution of “Deposit Insurance Fund” for “Bank Insurance Fund, the Savings Association Insurance Fund,”, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above
Source evidence
Code amendment note
Subsec. (c)(1)(B). Pub. L. 104–208, § 2704(d)(15)(B), which directed substitution of “Deposit Insurance Fund” for “Bank Insurance Fund, the Savings Association Insurance Fund,”, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.Enacted provision · exact public law section
(B) in section 1112(c)(1)(B) (12 U.S.C. 3341(c)(1)(B)), by striking “Bank Insurance Fund, the Savings Association Insurance Fund,” and inserting “Deposit Insurance Fund”.General Accounting Office Act of 1996
Pub. L. 104–316 § 106(g)(1)(A) · 110 Stat. 3826
Substituted · 12 U.S.C. § 3341(c)(1)
Pub. L. 104–316, § 106(g)(1)(A), (2), in heading substituted “GAO studies” for “Study required”
Substituted · 12 U.S.C. § 3341(c)(1)
Pub. L. 104–316, § 106(g)(1)(A), (2), in heading substituted “The Comptroller General of the United States may conduct, under such conditions as the Comptroller General determines appropriate, studies” for “At the end of the 18-month period, and the end of the 36-month period, beginning on October 28, 1992, the Comptroller General of the United States shall conduct a study”
Source evidence
Code amendment note
Subsec. (c)(1). Pub. L. 104–316, § 106(g)(1)(A), (2), in heading substituted “GAO studies” for “Study required”, and in text substituted “The Comptroller General of the United States may conduct, under such conditions as the Comptroller General determines appropriate, studies” for “At the end of the 18-month period, and the end of the 36-month period, beginning on October 28, 1992, the Comptroller General of the United States shall conduct a study”.Enacted provision · exact public law section
(A) in paragraph (1), by striking “At the end of the 18-month period” and all that follows through “study” and inserting “The Comptroller General of the United States may conduct, under such conditions as the Comptroller General determines appropriate, studies”; andGeneral Accounting Office Act of 1996
Pub. L. 104–316 § 106(g)(1)(B) · 110 Stat. 3826
Substituted · 12 U.S.C. § 3341(c)(2)
Pub. L. 104–316, § 106(g)(1)(B), substituted “referred to in” for “required under”
Source evidence
Code amendment note
Subsec. (c)(2). Pub. L. 104–316, § 106(g)(1)(B), substituted “referred to in” for “required under”.Enacted provision · exact public law section
(B) in paragraph (2), by striking “required under” and inserting “referred to in”.Federal Deposit Insurance Reform Act of 2005
Pub. L. 109–171 title II § 2102(b) · 120 Stat. 4
Repealed · 12 U.S.C. § 3341(c)(1)(B)
Pub. L. 109–171 repealed Pub. L. 104–208, § 2704(d)(15)(B). See 1996 Amendment note below
Target inherited from the preceding amendment note.
Source evidence
Code amendment note
Pub. L. 109–171 repealed Pub. L. 104–208, § 2704(d)(15)(B). See 1996 Amendment note below.Enacted provision · exact public law section
(b) Repeal of Outdated Merger Provision.— Section 2704 of the Deposit Insurance Funds Act of 1996 (12 U.S.C. 1821 note) is repealed.Federal Deposit Insurance Reform Conforming Amendments Act of 2005
Pub. L. 109–173 § 9(g)(2) · 119 Stat. 3601
Substituted · 12 U.S.C. § 3341(c)(1)(B)
Pub. L. 109–173 substituted “Deposit Insurance Fund” for “Bank Insurance Fund, the Savings Association Insurance Fund,”
Source evidence
Code amendment note
Subsec. (c)(1)(B). Pub. L. 109–173 substituted “Deposit Insurance Fund” for “Bank Insurance Fund, the Savings Association Insurance Fund,”.Enacted provision · exact public law section
(2) in section 1112(c)(1)(B) (12 U.S.C. 3341(c)(1)(B)), by striking “Bank Insurance Fund, the Savings Association Insurance Fund,” and inserting “Deposit Insurance Fund”.Mortgage Reform and Anti-Predatory Lending Act
Pub. L. 111–203 title XIV § 1473(a) · 124 Stat. 1376
Inserted · 12 U.S.C. § 3341(b)
Pub. L. 111–203 inserted “, and receives concurrence from the Bureau of Consumer Financial Protection that such threshold level provides reasonable protection for consumers who purchase 1–4 unit single-family residences” before the period
Source evidence
Code amendment note
Subsec. (b). Pub. L. 111–203 inserted “, and receives concurrence from the Bureau of Consumer Financial Protection that such threshold level provides reasonable protection for consumers who purchase 1–4 unit single-family residences” before the period.Enacted provision · exact public law section
(a) Threshold Levels.— Section 1112(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3341(b)) is amended by inserting before the period the following: “, and receives concurrence from the Bureau of Consumer Financial Protection that such threshold level provides reasonable protection for consumers who purchase 1–4 unit single-family residences”.Effective date note
Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.
8 of 11 references resolved to an enrolled provision · 3 partial
Editorial Notes
Amendments1992–2010 · 4 rounds
2010
Subsec. (b). Pub. L. 111–203 inserted “, and receives concurrence from the Bureau of Consumer Financial Protection that such threshold level provides reasonable protection for consumers who purchase 1–4 unit single-family residences” before the period.
2006
Subsec. (c)(1)(B). Pub. L. 109–173 substituted “Deposit Insurance Fund” for “Bank Insurance Fund, the Savings Association Insurance Fund,”.
Pub. L. 109–171 repealed Pub. L. 104–208, § 2704(d)(15)(B). See 1996 Amendment note below.
1996
Subsec. (c)(1). Pub. L. 104–316, § 106(g)(1)(A), (2), in heading substituted “GAO studies” for “Study required”, and in text substituted “The Comptroller General of the United States may conduct, under such conditions as the Comptroller General determines appropriate, studies” for “At the end of the 18-month period, and the end of the 36-month period, beginning on , the Comptroller General of the United States shall conduct a study”.
Subsec. (c)(1)(B). Pub. L. 104–208, § 2704(d)(15)(B), which directed substitution of “Deposit Insurance Fund” for “Bank Insurance Fund, the Savings Association Insurance Fund,”, was repealed by Pub. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.
Subsec. (c)(2). Pub. L. 104–316, § 106(g)(1)(B), substituted “referred to in” for “required under”.
1992
Pub. L. 102–550 designated existing provisions as subsec. (a), inserted heading, and added subsecs. (b) and (c).
Statutory Notes and Related Subsidiaries
Change of Name
Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, .
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203 effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as a note under section 1601 of Title 15, Commerce and Trade.
Effective Date of 2006 Amendment
Amendment by Pub. L. 109–173 effective , see section 9(j) of Pub. L. 109–173, set out as a note under section 24 of this title.
Amendment by Pub. L. 109–171 effective no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning , see section 2102(c) of Pub. L. 109–171, set out as a Merger of BIF and SAIF note under section 1821 of this title.
Effective Date of 1996 Amendment
Amendment by Pub. L. 104–208 effective , if no insured depository institution is a savings association on that date, see section 2704(c) of Pub. L. 104–208, formerly set out as a note under section 1821 of this title.
Credits
1989–2010 · 7 acts
- 1989Pub. L. 101–73, title XI, § 1112, , 103 Stat. 514
- 1992Pub. L. 102–550, title IX, § 954, , 106 Stat. 3894
- 1996Pub. L. 104–208, div. A, title II, § 2704(d)(15)(B), , 110 Stat. 3009–495
- 1996Pub. L. 104–316, title I, § 106(g), , 110 Stat. 3831
- 2006Pub. L. 109–171, title II, § 2102(b), , 120 Stat. 9
- 2006Pub. L. 109–173, § 9(g)(2), , 119 Stat. 3618
- 2010Pub. L. 111–203, title XIV, § 1473(a), , 124 Stat. 2190.
Show as published
(Pub. L. 101–73, title XI, § 1112, , 103 Stat. 514; Pub. L. 102–550, title IX, § 954, , 106 Stat. 3894; Pub. L. 104–208, div. A, title II, § 2704(d)(15)(B), , 110 Stat. 3009–495; Pub. L. 104–316, title I, § 106(g), , 110 Stat. 3831; Pub. L. 109–171, title II, § 2102(b), , 120 Stat. 9; Pub. L. 109–173, § 9(g)(2), , 119 Stat. 3618; Pub. L. 111–203, title XIV, § 1473(a), , 124 Stat. 2190.)