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".

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

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