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".

2/13/2025, 10:28 PM

Summary of Bill HJRES 50

Bill 119 hjres 50 is a piece of legislation that aims to disapprove of a rule submitted by the National Credit Union Administration regarding "Quality Control Standards for Automated Valuation Models." The bill falls under chapter 8 of title 5 of the United States Code, which allows Congress to review and potentially overturn regulations proposed by federal agencies.

The rule in question pertains to the standards that must be met by Automated Valuation Models (AVMs) used by credit unions to assess the value of properties for lending purposes. AVMs are computer algorithms that analyze data to estimate property values, and the National Credit Union Administration has proposed certain quality control standards that these models must adhere to.

If Bill 119 hjres 50 is passed, Congress will officially disapprove of the National Credit Union Administration's rule, effectively nullifying it. This would prevent the rule from being implemented and enforceable, giving Congress the final say on the matter. Overall, Bill 119 hjres 50 is a significant piece of legislation that highlights the role of Congress in overseeing and potentially overturning regulations proposed by federal agencies, in this case, regarding the quality control standards for Automated Valuation Models used by credit unions.

Congressional Summary of HJRES 50

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 50

Bill HJRES 50 is currently in the status of Bill Introduced since February 12, 2025. Bill HJRES 50 was introduced during Congress 119 and was introduced to the House on February 12, 2025. Bill HJRES 50's most recent activity was Referred to the House Committee on Financial Services. as of February 12, 2025