This is the companion to H.J.Res. 47, targeting the same "Quality Control Standards for Automated Valuation Models" rule — but this one disapproves the version issued by the Federal Reserve Board rather than the OCC. Together, the two resolutions would use the Congressional Review Act to scrap the new federal standards governing the computer-based tools that banks and lenders rely on to estimate home values during the mortgage process.
Congressional Summary
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.
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Introduced in House
- Action Date
- 2025-02-12
- Date Added
- 2026-04-06