Bills · HJRES 50
IN COMMITTEE· 119TH CONGRESS
House Joint Res.HJRES 50Finance and Financial Sector
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".
INTRO FEB 12· LAST ACTION FEB 12
READING
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- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenVoters should care about this bill because it impacts how homes are valued when people get mortgages from credit unions. If this bill becomes law, it removes a layer of federal oversight that was intended to ensure computer-generated home valuations are accurate and fair. This could potentially speed up the mortgage process and reduce costs for credit unions, which might be passed on to consumers.
However, if the bill passes and the rule is cancelled, it also means that automated valuation models used by credit unions would operate without specific quality control standards set by the NCUA. This could raise concerns about the reliability of these valuations, potentially leading to inaccurate property values or inconsistent lending decisions. If the bill does not pass, the NCUA's rule would remain in effect, mandating quality checks for these automated systems, aiming to provide more consistent and trustworthy property valuations.
KEY PROVISIONS
2AI-extractedPROVISION 01
Congress expresses its disapproval of the rule submitted by the National Credit Union Administration relating to "Quality Control Standards for Automated Valuation Models".
This provision is the core action of the bill, directly challenging and seeking to nullify the NCUA's regulation.
PROVISION 02
The bill states that the disapproved rule, which was published in the Federal Register on August 7, 2024, shall have no force or effect.
This ensures that if the resolution passes, the NCUA's quality control standards for automated valuations will not be implemented or enforced.
SPONSORSHIP
1 + 0
R· Georgia
YRS IN OFFICE
5
BILLS LED
33
ACTION TIMELINE
2 EVENTSFEB 12
Introduced in House
FEB 12
Referred to the House Committee on Financial Services.
BILL INFO
TypeHouse Joint Resolution
NumberHJRES 50
Congress119th
StatusIn Committee
IntroducedFeb 12, 2025
Last actionFeb 12, 2025
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IN COMMITTEE· 119TH CONGRESS · FINANCIAL SERVICES COMMITTEE · INTRODUCED FEB 12, 2025
House Joint Res.HJRES 50Finance and Financial Sector
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".
INTRODUCED FEB 12, 2025· LAST ACTION FEB 12, 2025
PASSAGE CHANCES
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READING
1 min
COSPONSORS
0
COMPLEXITY
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