Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Quality Control Standards for Automated Valuation Models".
Blocking New Quality Standards for AI Home Appraisals
This bill is currently in the early stages of the legislative process after being sent to the House Committee on Financial Services. It is not yet scheduled for a vote and remains in the committee for review. There is no companion bill at this time.
Legislative Progress
This is a common way for the majority party to try and roll back agency rules. Its success depends entirely on whether the same party controls both chambers of Congress and the White House.
Key Points
- This resolution aims to cancel a rule made by the Consumer Financial Protection Bureau. The rule set new quality control standards for computer programs and AI that estimate home values for mortgages and loans.
- If this resolution passes, the government would be stopped from enforcing these specific standards on banks and mortgage companies. These standards were meant to ensure that computer-generated home prices are accurate and fair.
- The original rule was designed to protect homeowners from biased or incorrect AI appraisals that could lead to unfair loan terms. Critics of the rule often argue that these requirements create too much paperwork and make it harder for businesses to use new technology.
- This action uses a special law that allows Congress to vote to throw out rules made by federal agencies. If both the House and Senate pass it and it is signed, the rule would have no legal power.
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 Bureau of Consumer Financial Protection relating to "Quality Control Standards for Automated Valuation Models".
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.