12 U.S. Code § 3354 - Automated valuation models used to estimate collateral value for mortgage lending purposes
(a) In general
Automated valuation models shall adhere to quality control standards designed to—
(b) Adoption of regulations
The Board, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration Board, the Federal Housing Finance Agency, and the Bureau of Consumer Financial Protection, in consultation with the staff of the Appraisal Subcommittee and the Appraisal Standards Board of the Appraisal Foundation, shall promulgate regulations to implement the quality control standards required under this section.
Compliance with regulations issued under this subsection shall be enforced by—
(1) with respect to a financial institution, or subsidiary owned and controlled by a financial institution and regulated by a Federal financial institution regulatory agency, the Federal financial institution regulatory agency that acts as the primary Federal supervisor of such financial institution or subsidiary; and
Source(Pub. L. 101–73, title XI, § 1125, as added Pub. L. 111–203, title XIV, § 1473(q),July 21, 2010, 124 Stat. 2198.)
Section effective on the date on which final regulations implementing such section 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) ofPub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade.
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