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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".
2/14/2025, 3:19 PM
Summary of Bill HJRES 51
Bill 119 hjres 51, also known as the "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'", is a piece of legislation that aims to overturn a rule proposed by the Bureau of Consumer Financial Protection.
The rule in question pertains to the Quality Control Standards for Automated Valuation Models, which are tools used by financial institutions to assess the value of properties. The Bureau of Consumer Financial Protection submitted this rule to establish standards for the use of these models in order to ensure accuracy and reliability in property valuations.
However, some members of Congress believe that this rule may impose unnecessary burdens on financial institutions and could potentially hinder the efficiency of the valuation process. As a result, Bill 119 hjres 51 seeks to disapprove of this rule under chapter 8 of title 5, United States Code, which allows Congress to overturn regulations issued by federal agencies. Overall, the passage of Bill 119 hjres 51 would effectively nullify the rule proposed by the Bureau of Consumer Financial Protection regarding Quality Control Standards for Automated Valuation Models. This legislation reflects the ongoing debate over the balance between consumer protection and regulatory burdens on financial institutions.
The rule in question pertains to the Quality Control Standards for Automated Valuation Models, which are tools used by financial institutions to assess the value of properties. The Bureau of Consumer Financial Protection submitted this rule to establish standards for the use of these models in order to ensure accuracy and reliability in property valuations.
However, some members of Congress believe that this rule may impose unnecessary burdens on financial institutions and could potentially hinder the efficiency of the valuation process. As a result, Bill 119 hjres 51 seeks to disapprove of this rule under chapter 8 of title 5, United States Code, which allows Congress to overturn regulations issued by federal agencies. Overall, the passage of Bill 119 hjres 51 would effectively nullify the rule proposed by the Bureau of Consumer Financial Protection regarding Quality Control Standards for Automated Valuation Models. This legislation reflects the ongoing debate over the balance between consumer protection and regulatory burdens on financial institutions.
Congressional Summary of HJRES 51
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 51
Bill HJRES 51 is currently in the status of Bill Introduced since February 12, 2025. Bill HJRES 51 was introduced during Congress 119 and was introduced to the House on February 12, 2025. Bill HJRES 51's most recent activity was Referred to the House Committee on Financial Services. as of February 12, 2025
Bipartisan Support of Bill HJRES 51
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 51
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HJRES 51
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".
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".
Comments
Sponsors and Cosponsors of HJRES 51
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