12 U.S.C. § 3310 — Establishment of Appraisal Subcommittee

Page 1520 TITLE 12—BANKS AND BANKING § 3309 whether or not a part of the report, and all with- out any deletions. (Pub. L. 95–630, title X, § 1009, Nov. 10, 1978, 92 Stat. 3696.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title. § 3309. Risk management training (a) Seminars The Council shall develop and administer training seminars in risk management for its employees and the employees of insured finan- cial institutions. (b) Study of risk management training program Not later than end of the 1-year period begin- ning on August 9, 1989, the Council shall— (1) conduct a study on the feasibility and ap- propriateness of establishing a formalized risk management training program designed to lead to the certification of Risk Management Analysts; and (2) report to the Congress the results of such study. (Pub. L. 95–630, title X, § 1009A, as added Pub. L. 101–73, title XII, § 1218, Aug. 9, 1989, 103 Stat. 546.) § 3310. Establishment of Appraisal Subcommittee There shall be within the Council a sub- committee to be known as the ‘‘Appraisal Sub- committee’’, which shall consist of the designees of the heads of the Federal financial institutions regulatory agencies, the Bureau of Consumer Fi- nancial Protection, and the Federal Housing Fi- nance Agency. Each such designee shall be a person who has demonstrated knowledge and competence concerning the appraisal profession. At all times at least one member of the Ap- praisal Subcommittee shall have demonstrated knowledge and competence through licensure, certification, or professional designation within the appraisal profession. (Pub. L. 95–630, title X, § 1011, as added Pub. L. 101–73, title XI, § 1102, Aug. 9, 1989, 103 Stat. 511; amended Pub. L. 111–203, title XIV, § 1473(s), July 21, 2010, 124 Stat. 2199.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 inserted ‘‘, the Bureau of Con- sumer Financial Protection, and the Federal Housing Finance Agency’’ after ‘‘agencies’’ and ‘‘At all times at least one member of the Appraisal Subcommittee shall have demonstrated knowledge and competence through licensure, certification, or professional designation within the appraisal profession.’’ at the end. 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. § 3311. Required review of regulations (a) In general Not less frequently than once every 10 years, the Council and each appropriate Federal bank- ing agency represented on the Council shall con- duct a review of all regulations prescribed by the Council or by any such appropriate Federal banking agency, respectively, in order to iden- tify outdated or otherwise unnecessary regu- latory requirements imposed on insured deposi- tory institutions. (b) Process In conducting the review under subsection (a), the Council or the appropriate Federal banking agency shall— (1) categorize the regulations described in subsection (a) by type (such as consumer regu- lations, safety and soundness regulations, or such other designations as determined by the Council, or the appropriate Federal banking agency); and (2) at regular intervals, provide notice and solicit public comment on a particular cat- egory or categories of regulations, requesting commentators to identify areas of the regula- tions that are outdated, unnecessary, or un- duly burdensome. (c) Complete review The Council or the appropriate Federal bank- ing agency shall ensure that the notice and com- ment period described in subsection (b)(2) is con- ducted with respect to all regulations described in subsection (a) not less frequently than once every 10 years. (d) Regulatory response The Council or the appropriate Federal bank- ing agency shall— (1) publish in the Federal Register a sum- mary of the comments received under this sec- tion, identifying significant issues raised and providing comment on such issues; and (2) eliminate unnecessary regulations to the extent that such action is appropriate. (e) Report to Congress Not later than 30 days after carrying out sub- section (d)(1), the Council shall submit to the Congress a report, which shall include— (1) a summary of any significant issues raised by public comments received by the Council and the appropriate Federal banking agencies under this section and the relative merits of such issues; and (2) an analysis of whether the appropriate Federal banking agency involved is able to ad- dress the regulatory burdens associated with such issues by regulation, or whether such burdens must be addressed by legislative ac- tion. (Pub. L. 104–208, div. A, title II, § 2222, Sept. 30, 1996, 110 Stat. 3009–414.) Editorial Notes CODIFICATION Section enacted as part of the Economic Growth and Regulatory Paperwork Reduction Act of 1996, and also