Plain English
GovGreed Synthesis ·
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.
Market Impact Map
Action Timeline
2025-02-12
Referred to the House Committee on Financial Services.
2025-02-12
Introduced in House
2025-02-12
Introduced in House
Full Bill Text
119 HJ 51 IH: 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”. U.S. House of Representatives 2025-02-12 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. IA 119th CONGRESS 1st Session H. J. RES. 51 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 . 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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