12 CFR 225.61 - Authority, purpose, and scope.
(a)Authority. This subpart is issued by the Board of Governors of the Federal Reserve System (the Board) under title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FlRREA) (Pub. L. No. 101-73, 103 Stat. 183 (1989)), 12 U.S.C. 3310, 3331-3351 3331-3351, and section 5(b) of the Bank Holding Company Act, 12 U.S.C. 1844(b).
(b)Purpose and scope.
(1) Title XI provides protection for federal financial and public policy interests in real estate related transactions by requiring real estate appraisals used in connection with federally related transactions to be performed in writing, in accordance with uniform standards, by appraisers whose competency has been demonstrated and whose professional conduct will be subject to effective supervision. This subpart implements the requirements of title XI, and applies to all federally related transactions entered into by the Board or by institutions regulated by the Board (regulated institutions).
(2) This subpart:
(i) Identifies which real estate-related financial transactions require the services of an appraiser;