Title 12, Banks and BankingRelease 119-110
§3341 Functions of Federal Financial Institutions Regulatory Agencies Relating to Appraiser Qualifications
Title 12 › CHAPTER 34A — APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL › § 3341
Summary
Federal financial regulators and the Resolution Trust Corporation must decide which federally related real estate transactions need appraisals by a State certified appraiser and which need appraisals by a State licensed appraiser, following the other rules in this law. Those agencies may set a dollar cutoff below which a certified or licensed appraiser is not required, but only if they put that decision in writing saying it does not threaten the safety and soundness of financial institutions and the Bureau of Consumer Financial Protection agrees that it reasonably protects buyers of 1–4 unit single-family residences. The Comptroller General (GAO) may study the quality of appraisals or evaluations done for transactions below that cutoff. The GAO should consider costs to lenders and customers, possible losses to the Deposit Insurance Fund or the National Credit Union Share Insurance Fund, and effects on low-income housing. After each study, the GAO must report its findings and any recommendations to the federal regulators and to the House Committee on Banking, Finance and Urban Affairs and the Senate Committee on Banking, Housing, and Urban Affairs.
Full Legal Text
Title 12, §3341
Banks and Banking, Source: USLM XML via OLRC
(a)In general
Each Federal financial institutions regulatory agency and the Resolution Trust Corporation shall prescribe, in accordance with section 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, 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.
(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), 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.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
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 October 28, 1992, 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, Jan. 3, 2001.
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.
Effective Date
of 2006 AmendmentAmendment by Pub. L. 109–173 effective Mar. 31, 2006, 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 Feb. 8, 2006, 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 AmendmentAmendment by Pub. L. 104–208 effective Jan. 1, 1999, 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.
Reference
Citations & Metadata
Citation
12 U.S.C. § 3341
Title 12, Banks and Banking
Last Updated
Sep 22, 2026
Release point: 119-110