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This joint resolution would stop a Consumer Financial Protection Bureau rule about quality control standards for automated valuation models from taking effect. In plain terms, Congress is saying it does not approve of this rule, so the rule would have no force or effect.
- The rule being blocked is the CFPB’s “Quality Control Standards for Automated Valuation Models,” published in August 2024.
- If this resolution is approved, the rule would be canceled and could not be enforced.
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. 51 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. J. RES. 51
Providing for congressional disapproval under chapter 8 of title 5,
United States Code, of the rule submitted by the Bureau of Consumer
Financial Protection 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 Bureau of Consumer
Financial Protection 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 Bureau of Consumer Financial Protection 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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