Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the National Credit Union Administration relating to "Quality Control Standards for Automated Valuation Models".
This bill is a joint resolution using the Congressional Review Act (CRA) to disapprove the National Credit Union Administration’s final rule titled “Quality Control Standards for Automated Valuation Models.” The rule in question was published on August 7, 2024 (Federal Register 89 Fed. Reg. 64538) and would have established quality-control standards for automated valuation models (AVMs) used by federally insured credit unions in real estate valuations. If Congress enacts this resolution, the rule would have no force or effect and would not be implemented. The measure was introduced in the House on February 12, 2025 by Rep. Clyde and referred to the Committee on Financial Services. In short, this joint resolution blocks the NCUA’s AVM quality-control rule from taking effect, returning the regulatory landscape to prior standards unless Congress later approves a different rule.
Key Points
- 1Disapproval mechanism: The joint resolution uses the Congressional Review Act to disapprove the NCUA rule on AVM quality controls, meaning the rule would not take effect if the resolution becomes law.
- 2Specific rule targeted: The rule at issue is the NCUA’s “Quality Control Standards for Automated Valuation Models,” published as 89 Fed. Reg. 64538 on August 7, 2024.
- 3Status and sponsorship: Introduced in the House on February 12, 2025 (sponsored by Rep. Clyde) and referred to the Committee on Financial Services.
- 4Scope of impact: The resolution targets only this particular rule; it does not modify other NCUA authorities or other regulatory provisions beyond disapproval of this rule.
- 5Practical effect: If enacted, the rule would be nullified and would have no force or effect; otherwise, the rule could proceed in its regulatory form.