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This joint resolution would отменити a Federal Reserve rule on quality control standards for automated valuation models. In simple terms, Congress is saying it does not want this rule to take effect, and if the resolution becomes law, the rule would be treated as having no legal force.
- The rule being rejected was issued by the Board of Governors of the Federal Reserve System and deals with standards for automated valuation models, which are tools used to estimate property values.
- The resolution uses Congress’s power to review and block agency rules.
- If approved, the Federal Reserve rule published in August 2024 would not be allowed to stand.
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. 48 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. J. RES. 48
Providing for congressional disapproval under chapter 8 of title 5,
United States Code, of the rule submitted by the Board of Governors of
the Federal Reserve System 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 Board of Governors of
the Federal Reserve System 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 Board of Governors of the Federal Reserve System
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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