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

Key Points

• This resolution would cancel a rule made by the Federal Deposit Insurance Corporation. The rule was designed to set quality standards for computer programs that estimate home values, which are often used instead of human appraisers.
• If passed, banks and mortgage companies would not have to follow these specific federal standards when using algorithms to value properties. This could change how home values are calculated for loans and mortgages.
• The original rule was created to help prevent bias and ensure computer-generated appraisals are accurate. This resolution would completely wipe out those requirements and prevent the agency from making a similar rule in the future.
• This is a tool used by Congress to stop government agencies from enforcing new regulations they disagree with. It would mean the government has less oversight over the technology used to determine what a house is worth.

Impact Analysis

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