Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the National Credit Union Administration relating to "Quality Control Standards for Automated Valuation Models".
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Bill details
Summary
Introduced in House
This joint resolution nullifies the final rule issued by the Office of the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Federal Housing Finance Agency titled Quality Control Standards for Automated Valuation Models and published on August 7, 2024. The rule requires the implementation of quality control standards for automated valuation models used by mortgage originators and secondary market issuers when determining the value of real estate securing a mortgage.
District impact notes
This joint resolution seeks to nullify quality control standards for automated valuation models used in the mortgage process. • The policy could impact how property values are assessed locally, which may influence mortgage lending practices. • Local financial institutions and real estate professionals may be affected by changes in the regulatory environment surrounding property valuation. • There may be questions about how the removal of these standards could affect the reliability of property valuations and the overall stability of the housing market. AI-generated from official bill summary and plain-English note; verify with official text.
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