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HJRES 47

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".

119th Congress Introduced by Andrew Clyde

Disapproves and nullifies the OCC's August 2024 Quality Control Standards for Automated Valuation Models under the Congressional Review Act, leaving no force or effect.

Introduced in House
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Bill Summary · HJRES 47

Summary: HJRES 47 — Disapproval of OCC AVM Quality Control Standards Rule

Overview

HJRES 47 is a joint resolution introduced in the U.S. House of Representatives on February 12, 2025. The bill uses the Congressional Review Act framework to disapprove the Office of the Comptroller of the Currency (OCC) rule titled “Quality Control Standards for Automated Valuation Models.” If enacted, the resolution states the rule shall have no force or effect.

  • Sponsor (primary): Rep. Andrew S. Clyde (R-GA)
  • Status: Introduced and referred to the House Committee on Financial Services
  • Rule reference: OCC rule published at 89 Federal Register 64538 (August 7, 2024)

What the bill would do

  • The bill formally disapproves the OCC’s rule on Quality Control Standards for Automated Valuation Models (AVMs) under the Congressional Review Act.
  • It directs that the rule “shall have no force or effect,” effectively nullifying the regulatory standard proposed by OCC regarding AVM quality control.

Background of the rule

  • Subject: Quality control standards for Automated Valuation Models used in real estate valuations and related banking activities.
  • Published by: Office of the Comptroller of the Currency
  • Federal Register citation: 89 Fed. Reg. 64538 (August 7, 2024)

Key provisions (highlights)

  • Congressional disapproval under Chapter 8 of Title 5 U.S.C. (the Congressional Review Act).
  • Explicit statement that the rule “shall have no force or effect” if the resolution becomes law.
  • The measure does not alter other OCC authorities or existing supervisory expectations outside the disapproved rule.

Affected entities and potential impact

  • Affected parties: National banks, federal savings associations, and other regulated entities subject to OCC oversight that would have been subject to the AVM quality control standards.
  • Potential impact:
    • If enacted, the OCC AVM QC standards would not take effect, leaving current regulatory expectations in place or requiring alternative guidance.
    • Could influence how banks assess and monitor automated valuation models used in real estate valuations and related regulatory filings.
    • May affect risk management practices related to model governance, data quality, model monitoring, and related controls as proposed in the disapproved rule.

Procedural and timeline aspects

  • Legislative route: Joint resolution under the Congressional Review Act.
  • Timeline: Introduced February 12, 2025; referred to the House Committee on Financial Services the same day.
  • Next steps: For passage, the resolution would need to be approved by both chambers of Congress and then signed into law by the President (or overridden if enacted through separate legislative steps per CRA timing). If enacted, the rule would be deemed invalid and have no regulatory effect.

Summary takeaway

HJRES 47 seeks to nullify the OCC’s August 2024 rule establishing quality control standards for Automated Valuation Models, using the Congressional Review Act disapproval process. If enacted, the proposed AVM QC standards would have no legal force or effect.

Compiled from official sources — confirm details with the bill’s official record.

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