119th Congress Finance and Financial Sector
H.J.Res. 48: Disapproval of Board of Governors of the Federal Reserve System rule: Quality Control Standards for Automated Valuation Models
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".
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
Written by the Congressional Research Service, Library of Congress.
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History
- Introduced in the House by Andrew Clyde.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Financial Services.