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This resolution would block a federal banking rule from taking effect. The rule was issued by the Office of the Comptroller of the Currency and sets quality control standards for automated valuation models, which are computer tools used to estimate the value of property. If this resolution is approved, the rule would have no legal effect.
- It uses Congress’s authority to reject a rule made by a federal agency.
- The rule being rejected was published in the Federal Register on August 7, 2024.
- Automated valuation models are often used in banking and lending to help estimate property values.
Official Summaries
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.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 47 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. J. RES. 47
Providing for congressional disapproval under chapter 8 of title 5,
United States Code, of the rule submitted by the Office of the
Comptroller of the Currency relating to ``Quality Control Standards for
Automated Valuation Models''.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 12, 2025
Mr. Clyde submitted the following joint resolution; which was referred
to the Committee on Financial Services
_______________________________________________________________________
JOINT RESOLUTION
Providing for congressional disapproval under chapter 8 of title 5,
United States Code, of the rule submitted by the Office of the
Comptroller of the Currency relating to ``Quality Control Standards for
Automated Valuation Models''.
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That Congress disapproves the
rule submitted by the Office of the Comptroller of the Currency
relating to ``Quality Control Standards for Automated Valuation
Models'' (89 Fed. Reg. 64538 (August 7, 2024)), and such rule shall
have no force or effect.
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