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Title 12, Banks and BankingRelease 119-110

§3339 Functions of Federal Financial Institutions Regulatory Agencies Relating to Appraisal Standards

Title 12 › CHAPTER 34A — APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL › § 3339

Last updated Sep 22, 2026|Official source

Summary

Each federal financial agency and the Resolution Trust Corporation must set rules for real estate appraisals used in federally related transactions they oversee. The rules must at least require appraisals to follow the Appraisal Standards Board’s generally accepted standards, be in writing, and be reviewed to make sure they meet the Uniform Standards of Professional Appraisal Practice. An agency can add more requirements if it writes a formal finding that the extra rules are needed to carry out its legal duties.

Full Legal Text

Title 12, §3339

Banks and Banking, Source: USLM XML via OLRC

Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe appropriate standards for the performance of real estate appraisals in connection with federally related transactions under the jurisdiction of each such agency or instrumentality. These rules shall require, at a minimum—
(1)that real estate appraisals be performed in accordance with generally accepted appraisal standards as evidenced by the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation;
(2)that such appraisals shall be written appraisals; and
(3)that such appraisals shall be subject to appropriate review for compliance with the Uniform Standards of Professional Appraisal Practice.
Each such agency or instrumentality may require compliance with additional standards if it makes a determination in writing that such additional standards are required in order to properly carry out its statutory responsibilities.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Pub. L. 111–203 added par. (3).

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment 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.

Reference

Citations & Metadata

Citation

12 U.S.C. § 3339

Title 12, Banks and Banking

Last Updated

Sep 22, 2026

Release point: 119-110