12 U.S.C. § 3332 — Functions of Appraisal Subcommittee

monitor the requirements established by States—

monitor the requirements established by the Federal financial institutions regulatory agencies^* with respect to—

maintain a national registry of State certified and licensed appraisers and State credentialed trainee appraisers who are eligible to perform appraisals in federally related transactions;

transmit an annual report to the Congress not later than June 15 of each year that describes the manner in which each function assigned to the Appraisal Subcommittee^* has been carried out during the preceding year, detailing the activities of the Appraisal Subcommittee, including the results of all audits of State appraiser regulatory agencies, and provides an accounting of disapproved actions and warnings taken in the previous year, including a description of the conditions causing the disapproval and actions taken to achieve compliance; and

maintain a national registry of appraisal management companies that either are registered with and subject to supervision of a State appraiser certifying and licensing agency^* or are operating subsidiaries of a Federally regulated financial institution^*.