Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to "Quality Control Standards for Automated Valuation Models".

Key Points

• This resolution seeks to cancel a new rule from the Federal Reserve about how banks use computer programs to value homes. These programs are often used instead of a human appraiser to estimate what a house is worth when someone applies for a mortgage.
• The original rule was designed to make sure these computer models are accurate and fair. It requires banks to have quality control systems to prevent math errors or unfair bias when estimating property values for loans.
• If this resolution becomes law, the Federal Reserve rule would be completely wiped out. Banks would not have to follow these specific federal standards when using automated tools to decide home values.
• The effort to block the rule is led by Rep. Clyde. Supporters of this move often argue that extra regulations on technology can make the mortgage process slower and more expensive for everyday home buyers.

Impact Analysis

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