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".

Summary of the Bill

This bill seeks to overturn a rule created by the Office of the Comptroller of the Currency (OCC), a federal agency that regulates banks, related to "Quality Control Standards for Automated Valuation Models." Automated valuation models are computer-based tools that banks and lenders use to estimate the value of properties, often as part of the mortgage and lending process. The OCC's rule established standards to ensure these computer-generated property valuations are accurate, fair, and reliable. This bill would cancel that rule using a process called the Congressional Review Act, which allows Congress to strike down recently issued federal regulations with a simple vote.

If passed, this bill would eliminate the quality control requirements that the OCC put in place for these automated property valuation tools. This could affect homebuyers, homeowners refinancing their mortgages, and anyone involved in real estate transactions where computer-generated valuations are used instead of traditional in-person appraisals. Banks, mortgage lenders, and financial technology companies that use these automated tools would also be affected, as they would no longer need to comply with the specific standards the rule established.

The bill has been introduced in the House of Representatives and referred to the House Committee on Financial Services for review. Under the Congressional Review Act, if both chambers of Congress pass the resolution and the President signs it, the rule would be permanently repealed, and the agency would be prohibited from issuing a substantially similar rule in the future without new authorization from Congress.