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12 U.S.C. § 3341 — Functions of Federal financial institutions regulatory agencies relating to appraiser qualifications
Federal law — U.S. Code and appendices · legal_authorities
**(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, 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 th
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Source file: Laws/federal/codes/united-states-code/title-12/section-3341-functions-of-federal-financial-institutions-regulatory-agencies-relating--a30cf3ede5.md
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Source location: Title 12, Chapter 34A, § 3341; chapter-34a-appraisal-subcommittee-of-federal-financial-institutions-examination-council.md
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**(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, 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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
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Federal law — U.S. Code and appendices · legal_authorities
The oath of office shall be administered by the President of the Senate to each Senator who shall be elected, previous to his taking his seat.
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Federal law — U.S. Code and appendices · legal_authorities
Upon duly making and filing articles of association and an organization certificate a national banking association shall become, as from the date of the execution of its organization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power—
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Deposit insurance**
(1) **Insured amounts payable**
(A) *In general* — The Corporation shall insure the deposits of all insured depository institutions as provided in this chapter.
(B) *Net amount of insured deposit* — The net amount due to any depositor at an insured depository institution shall not exceed the standard maximum deposit insurance amount as determined in accordance with subparagraphs (C), (D), (E) and (F) and paragraph (3).
(C) *Aggregation of deposits* — For the purpose of determining the net amount due to any depositor under subparagraph (B), the Corporation shall aggregate the amounts of all deposits in the insured depository institution which are maintained by a depositor in the same capacity and the same right for the benefit of the depositor either in the name of the depositor or in the name of any other person, other than any amount in a trust fund described in paragraph (1) or (2) of [section 1817(i) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/i&num=0&edition=prelim) or any funds described in [section 1817(i)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/i/3&num=0&edition=prelim).
(D) *Coverage for certain employee benefit plan deposits*
(i) *Pass-through insurance* — The Corporation shall provide pass-through deposit insurance for the deposits of any employee benefit plan.
(ii) *Prohibition on acceptance of benefit plan deposits* — An insured depository institution that is not well capitalized or adequately capitalized may not accept employee benefit plan deposits.
(iii) *Definitions* — For purposes of this subparagraph, the following definitions shall apply:
(I) *Capital standards* — The terms “well ca
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Federal law — U.S. Code and appendices · legal_authorities
Page 1525
TITLE 12—BANKS AND BANKING
§ 3341
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by Pub. L. 111–203 effective on the date
on which final regulations implementing that amend-
ment 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.
§ 3340. Time for proposal and adoption of stand-
ards
Appraisal standards established under this
chapter shall be proposed not later than 6
months and shall be adopted in final form and
become effective not later than 12 months after
August 9, 1989.
(Pub. L. 101–73, title XI, § 1111, Aug. 9, 1989, 103
Stat. 514.)
§ 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 feder-
ally 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 re-
quired to perform appraisals in connection with
federally related transactions, if such agency de-
termines 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 Fi-
nancial Protection that such thresh
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