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".
Sponsored By: Representative Clyde
Introduced
Summary
Nullifies CFPB standards for automated valuation models. This joint resolution would disapprove the Bureau of Consumer Financial Protection rule titled 'Quality Control Standards for Automated Valuation Models' and the rule would have no force or effect.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
End federal standards for home value models
This bill would void a CFPB rule issued in August 2024 that set quality-control standards for automated home valuation models. If enacted, lenders, appraisers, and valuation software firms would no longer need to follow those federal standards. Homebuyers and homeowners could see changes in how home values are estimated and checked. This could reduce federal quality checks but lower compliance costs for industry. This change would only happen if Congress passes the disapproval resolution.
Sponsors & CoSponsors
Sponsor
Clyde
GA • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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