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This resolution would cancel a new rule from the National Credit Union Administration about quality control standards for automated valuation models. In plain terms, Congress is saying it does not approve of the rule, and if this resolution passes, the rule would not take effect.
- The rule being rejected was issued by the National Credit Union Administration and published on August 7, 2024.
- Automated valuation models are tools used to estimate the value of property, often for lending and related financial decisions.
- If Congress approves this resolution, the rule would have 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. 50 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. J. RES. 50
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''.
_______________________________________________________________________
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 National Credit Union
Administration 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 National Credit Union Administration 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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