Bill
Bill > HJRes51
US HJRes51
US HJRes51Providing 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".
summary
Introduced
02/12/2025
02/12/2025
In Committee
02/12/2025
02/12/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
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".
AI Summary
This joint resolution aims to disapprove a rule proposed by the Bureau of Consumer Financial Protection (CFPB) concerning "Quality Control Standards for Automated Valuation Models" (AVMs). Specifically, the resolution declares that the CFPB's rule published in the Federal Register on August 7, 2024, shall have no legal force or effect. Automated Valuation Models are computer-driven methods used to estimate the value of real estate properties, typically used in mortgage lending and real estate transactions. By invoking the Congressional Review Act (Chapter 8 of Title 5, United States Code), Congress is exercising its authority to review and potentially nullify federal regulations recently issued by executive branch agencies. This type of resolution allows Congress to prevent a new regulation from being implemented by formally rejecting the rule through a legislative process.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to the House Committee on Financial Services. (on 02/12/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/house-joint-resolution/51/all-info |
| BillText | https://www.congress.gov/119/bills/hjres51/BILLS-119hjres51ih.pdf |
Loading...