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".
Repealing Quality Standards for Automated Home Valuations
This bill is currently in the early stages of the legislative process after being sent to the House Committee on Financial Services. No further actions or hearings have been scheduled at this time. The bill is considered active but is not moving forward quickly.
Legislative Progress
This is a partisan effort to roll back a specific financial regulation. While it may pass the House, it faces a difficult path in the Senate and would likely be vetoed by the current administration.
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
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 Federal Deposit Insurance Corporation relating to "Quality Control Standards for Automated Valuation Models".
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.