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".
Home Appraisal Tech: Blocking New Federal Standards
This bill is currently in the early stages of the legislative process after being introduced in the House. It has been sent to the House Committee on Financial Services for review. There are no upcoming votes scheduled at this time.
Legislative Progress
This is a partisan attempt to roll back a regulation. While it may pass the House, it faces a difficult path in the Senate where it would need significant support to overcome procedural hurdles.
Key Points
- This resolution tries to cancel a federal rule about the computer programs banks use to value homes. These programs, known as Automated Valuation Models, help lenders decide how much a house is worth without always needing a human appraiser.
- The rule being targeted was designed to make sure these computer models are accurate and fair. It requires banks to have systems in place to prevent errors and avoid illegal bias when using technology to estimate property values.
- If this resolution becomes law, the government would be stopped from enforcing these specific quality controls. This would give banks more freedom in how they use technology to value homes but might raise concerns about the accuracy of those values.
- This action uses the Congressional Review Act. This is a tool Congress uses to stop agency rules they do not like. If it passes, the agency cannot make a similar rule in the future without a new law from Congress.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
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".
Data Sources
Sponsor
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