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HJRES 51

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".

119th Congress Introduced by Andrew Clyde

HJRES 51 disapproves a BCFP rule on Quality Control Standards for Automated Valuation Models, impacting property valuations and lending practices for consumers and financial institutions.

Introduced in House
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WeVote Research Nonpartisan
Bill Summary · HJRES 51

Summary of HJRES 51

Bill Overview

  • Bill Number: HJRES 51
  • 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".
  • Status: Introduced in House
  • Introduced Date: February 12, 2025
  • Classification: Resolution

Purpose and Intent

HJRES 51 aims to formally disapprove a specific rule established by the Bureau of Consumer Financial Protection (BCFP) concerning Quality Control Standards for Automated Valuation Models (AVMs). The resolution seeks to negate the rule published in the Federal Register on August 7, 2024, which outlines standards intended to ensure the reliability and accuracy of AVMs used in property valuation.

Key Provisions

  • The resolution states that Congress disapproves of the BCFP's rule regarding Quality Control Standards for AVMs.
  • If passed, the resolution would render the specified rule ineffective, meaning it would have no legal force or effect.

Impact

  • Affected Parties:

    • The disapproval of the BCFP rule would primarily impact financial institutions, real estate appraisers, and consumers who rely on AVMs for property valuation.
    • The resolution may also influence regulatory practices within the BCFP and the broader financial services industry.

  • Potential Consequences:

    • Without the Quality Control Standards, there may be concerns regarding the accuracy and reliability of AVMs, which could affect property valuations and lending practices.
    • The resolution reflects a legislative check on regulatory authority, emphasizing Congress's role in overseeing and potentially overturning executive agency rules.

Legislative Actions

  • February 12, 2025:
    • The bill was introduced in the House and referred to the House Committee on Financial Services for further consideration.

Conclusion

HJRES 51 represents a legislative effort to disapprove a regulatory rule concerning automated valuation models, with implications for the financial services sector and property valuation practices. The resolution underscores the balance of power between Congress and regulatory agencies, highlighting the ongoing dialogue about consumer protection and financial regulation.

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

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