((a)) ** In general** The Appraisal Subcommittee shall—

((1)) monitor the requirements established by States—

((A)) for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of professional responsibility; and

((B)) for the registration and supervision of the operations and activities of an appraisal management company;

((2)) monitor the requirements established by the Federal financial institutions regulatory agencies with respect to—

((A)) appraisal standards for federally related transactions under their jurisdiction, and

((B)) determinations as to which federally related transactions under their jurisdiction require the services of a State certified appraiser and which require the services of a State licensed appraiser;

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

((4)) Omitted

((5)) 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. The report shall also detail the activities of the Appraisal Subcommittee, including the results of all audits of State appraiser regulatory agencies, and provide 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.

((6)) 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.

((b)) ** Monitoring and reviewing foundation** The Appraisal Subcommittee shall monitor and review the practices, procedures, activities, and organizational structure of the Appraisal Foundation.