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".

Bill: 119-hjres-50
Sponsor: full_name: Rep. Clyde, Andrew S. [R-GA-9]
Introduced: 2025-02-12
Policy area: Finance and Financial Sector
Latest action: action_date: 2025-02-12
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2025-02-12
action_desc: Introduced in House
text: <p>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&nbsp;titled <em>Quality Control Standards for Automated Valuation Models</em> 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.&nbsp;</p>

tv_txt: IA 119th CONGRESS 1st Session H. J. RES. 50 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 .

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.