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Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Quality Control Standards for Automated Valuation Models".
2/14/2025, 3:15 PM
Summary of Bill HJRES 47
Bill 119 hjres 47 is a piece of legislation that aims to disapprove of a rule submitted by the Office of the Comptroller of the Currency (OCC) regarding "Quality Control Standards for Automated Valuation Models" (AVMs). The rule in question sets standards for AVMs, which are computer algorithms used by banks and other financial institutions to estimate the value of real estate properties.
The bill falls under Chapter 8 of Title 5 of the United States Code, which allows Congress to review and potentially overturn regulations issued by federal agencies. In this case, Congress is seeking to disapprove of the OCC's rule on AVM quality control standards.
The purpose of the bill is to ensure that AVMs are accurate and reliable in determining property values, as these valuations can have significant financial implications for individuals and businesses. By disapproving of the OCC's rule, Congress is signaling that they believe the standards set forth are not sufficient to guarantee the accuracy and reliability of AVMs. Overall, Bill 119 hjres 47 is a non-partisan effort to hold federal agencies accountable for their regulatory actions and ensure that AVMs are held to high quality control standards.
The bill falls under Chapter 8 of Title 5 of the United States Code, which allows Congress to review and potentially overturn regulations issued by federal agencies. In this case, Congress is seeking to disapprove of the OCC's rule on AVM quality control standards.
The purpose of the bill is to ensure that AVMs are accurate and reliable in determining property values, as these valuations can have significant financial implications for individuals and businesses. By disapproving of the OCC's rule, Congress is signaling that they believe the standards set forth are not sufficient to guarantee the accuracy and reliability of AVMs. Overall, Bill 119 hjres 47 is a non-partisan effort to hold federal agencies accountable for their regulatory actions and ensure that AVMs are held to high quality control standards.
Congressional Summary of HJRES 47
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.
Current Status of Bill HJRES 47
Bill HJRES 47 is currently in the status of Bill Introduced since February 12, 2025. Bill HJRES 47 was introduced during Congress 119 and was introduced to the House on February 12, 2025. Bill HJRES 47's most recent activity was Referred to the House Committee on Financial Services. as of February 12, 2025
Bipartisan Support of Bill HJRES 47
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HJRES 47
Primary Policy Focus
Finance and Financial SectorComments
Sponsors and Cosponsors of HJRES 47
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