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This resolution would block a recent Federal Deposit Insurance Corporation rule about how automated property value models must be checked for quality. If Congress approves this resolution, that FDIC rule would be canceled and would have no legal effect.
- It uses Congress’s review power to reject the FDIC rule.
- The rule being rejected is about “Quality Control Standards for Automated Valuation Models,” which are computer-based tools used to estimate property values.
- If the resolution passes, the FDIC rule would not go into effect and would be treated as if it had no force or effect.
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. 49 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. J. RES. 49
Providing for congressional disapproval under chapter 8 of title 5,
United States Code, of the rule submitted by the Federal Deposit
Insurance Corporation 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 Federal Deposit
Insurance Corporation 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 Federal Deposit Insurance Corporation 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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