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".
Sponsored By: Representative Clyde, Andrew S. [R-GA-9]
Introduced
Summary
Nullifies the Federal Reserve's proposed Quality Control Standards for Automated Valuation Models. The resolution would disapprove the Fed rule (89 Fed. Reg. 64538) and prevent that rule from taking effect, leaving current standards unchanged.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Would block Fed rule on home values
If enacted, this resolution would block the Federal Reserve’s rule on “Quality Control Standards for Automated Valuation Models” (89 Fed. Reg. 64538, Aug. 7, 2024). The rule would have set quality checks for home value estimation tools used in mortgages. Blocking it could lower compliance costs for banks and mortgage lenders, but reduce standardized checks that protect borrowers and curb bias. Homeowners and buyers could see more variation in value estimates. The block would take effect upon enactment.
Sponsors & CoSponsors
Sponsor
Clyde, Andrew S. [R-GA-9]
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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