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Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Federal Deposit Insurance Corporation relating to "Quality Control Standards for Automated Valuation Models".
2/13/2025, 3:18 PM
Summary of Bill HJRES 49
Bill 119 hjres 49, also known as the "Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Federal Deposit Insurance Corporation relating to 'Quality Control Standards for Automated Valuation Models'", is a piece of legislation that aims to overturn a rule proposed by the Federal Deposit Insurance Corporation (FDIC) regarding quality control standards for automated valuation models (AVMs).
The rule in question was put forth by the FDIC to establish guidelines and requirements for AVMs, which are computer algorithms used by financial institutions to assess the value of real estate properties. The FDIC believes that implementing quality control standards for AVMs will help ensure accuracy and reliability in property valuations, ultimately benefiting both lenders and borrowers.
However, some members of Congress have raised concerns about the potential impact of these regulations on the real estate industry and the overall economy. They argue that the rule could impose unnecessary burdens on financial institutions and limit access to credit for homebuyers. In response to these concerns, Bill 119 hjres 49 seeks to nullify the FDIC's rule through a process known as congressional disapproval under chapter 8 of title 5, United States Code. If passed, this legislation would effectively overturn the rule and prevent it from being enforced. Overall, the debate surrounding Bill 119 hjres 49 highlights the ongoing tension between regulatory oversight and industry interests in the financial sector. Supporters of the bill argue that it is necessary to protect the interests of lenders and borrowers, while opponents believe that the FDIC's rule is essential for maintaining transparency and accountability in property valuations.
The rule in question was put forth by the FDIC to establish guidelines and requirements for AVMs, which are computer algorithms used by financial institutions to assess the value of real estate properties. The FDIC believes that implementing quality control standards for AVMs will help ensure accuracy and reliability in property valuations, ultimately benefiting both lenders and borrowers.
However, some members of Congress have raised concerns about the potential impact of these regulations on the real estate industry and the overall economy. They argue that the rule could impose unnecessary burdens on financial institutions and limit access to credit for homebuyers. In response to these concerns, Bill 119 hjres 49 seeks to nullify the FDIC's rule through a process known as congressional disapproval under chapter 8 of title 5, United States Code. If passed, this legislation would effectively overturn the rule and prevent it from being enforced. Overall, the debate surrounding Bill 119 hjres 49 highlights the ongoing tension between regulatory oversight and industry interests in the financial sector. Supporters of the bill argue that it is necessary to protect the interests of lenders and borrowers, while opponents believe that the FDIC's rule is essential for maintaining transparency and accountability in property valuations.
Congressional Summary of HJRES 49
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.
Read the Full Bill
Current Status of Bill HJRES 49
Bill HJRES 49 is currently in the status of Bill Introduced since February 12, 2025. Bill HJRES 49 was introduced during Congress 119 and was introduced to the House on February 12, 2025. Bill HJRES 49's most recent activity was Referred to the House Committee on Financial Services. as of February 12, 2025
Bipartisan Support of Bill HJRES 49
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 49
Primary Policy Focus
Alternate Title(s) of Bill HJRES 49
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Federal Deposit Insurance Corporation relating to "Quality Control Standards for Automated Valuation Models".
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Federal Deposit Insurance Corporation relating to "Quality Control Standards for Automated Valuation Models".
Comments
Sponsors and Cosponsors of HJRES 49
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