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".

# Summary of HJRES 50 **What the Bill Would Do** This bill would cancel a federal rule issued by multiple banking regulators (including the National Credit Union Administration, Federal Reserve, and others) that requires quality control standards for automated valuation models—computer systems used to estimate property values for mortgages. If passed, the rule would be nullified, meaning lenders would no longer be required to follow these new quality control standards when using automated systems to value homes. **Who It Affects and Key Details** The rule primarily affects mortgage lenders, banks, and mortgage companies that use automated computer systems to assess property values. The quality control standards were designed to reduce errors and fraud in home valuations, which can impact both lenders and borrowers.

The rule was officially published on August 7, 2024. Representative Andrew Clyde (R-GA) sponsored this bill, which uses a congressional process called the "Congressional Review Act" that allows Congress to overturn federal regulations. **Current Status** The bill is currently in committee and has not yet been voted on by the full House of Representatives.