108 STAT. 2222 PUBLIC LAW 103-325—SEPT. 23, 1994 "(I) total assets, as of the beginning of such fiscal year, of $5,000,000,000, or more; and "(11) a CAMEL composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating by any such agency under a comparable rating system) as of the most recent examination of such institution by the Corporation or the appropriate Federal banking agency. "(2) LARGE INSTITUTIONS.—For purposes of this subsection, in the case of an insured depository institution described in paragraph (l)(B)(ii) that the Corporation determines to be a large institution, the audit committee of the holding company of such an institution shall not include any large customers of the institution. "(3) APPLICABILITY BASED ON RISK TO FUND. —The appropriate Federal banking agency may require an institution with total assets in excess of $9,000,000,000 to comply with this section, notwithstanding the exemption provided by this subsection, if it determines that such exemption would create a significant risk to the affected deposit insurance fund if applied to that institution.". (b) WRITTEN NOTICE OF REQUIREMENT FOR AUDIT OF QUAR- TERLY REPORTS. —Section 36(g)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1831m(g)(2)) is amended by adding at the end the following new subparagraph: "(D) NOTICE TO INSTITUTION.—The Corporation shall promptly notify an insured depository institution, in writing, of a determination pursuant to subparagraph (A) to require a review of such institution's quarterly financial reports.". SEC. 315. STATE REGULATION OF REAL ESTATE APPRAISALS. Section 1122 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3351) is amended— (1) by redesignating subsections (b) through (e) as subsections (c) through (f), respectively; (2) by inserting after subsection (a) the following new subsection: "(b) RECIPROCITY. —The Appraisal Subcommittee shall encourage the States to develop reciprocity agreements that readily authorize appraisers who are licensed or certified in one State (and who are in good standing with their State appraiser certifying or licensing agency) to perform appraisals in other States."; and (3) in subsection (a)— (A) by redesignating paragraphs (1) through (3) as subparagraphs (A) through (C); (B) by striking "A State" and inserting the following: " (1) IN GENERAL.—A State"; and (C) by adding at the end the following new paragraph: "(2) FEES FOR TEMPORARY PRACTICE.—^A State appraiser certifying or licensing agency shall not impose excessive fees or burdensome requirements, as determined by the Appraisal Subcommittee, for temporary practice under this subsection.".
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