H.J.Res.50 - 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. (119th Congress)
Summary
H.J.Res.50 is a joint resolution introduced in the House of Representatives aiming to disapprove a rule submitted by the National Credit Union Administration (NCUA) concerning Quality Control Standards for Automated Valuation Models (AVMs). The resolution seeks to nullify the NCUA rule, preventing it from taking effect. The rule in question is identified as 89 Fed. Reg. 64538, published on August 7, 2024.
Expected Effects
If passed, H.J.Res.50 would prevent the NCUA rule on AVM quality control standards from being implemented. This would leave the existing regulatory framework in place, at least temporarily. The impact would primarily affect credit unions and the real estate valuation process.
Potential Benefits
- Potentially avoids unintended consequences of the new rule on credit unions.
- May prevent disruptions to existing valuation processes.
- Could allow for further review and refinement of the rule.
- Might reduce compliance costs for credit unions if the rule is deemed overly burdensome.
- Could maintain stability in the housing market by avoiding regulatory changes.
Potential Disadvantages
- May delay improvements in AVM quality control standards.
- Could perpetuate existing weaknesses in the valuation process.
- Might hinder innovation in automated valuation technologies.
- Potentially increases risks associated with inaccurate property valuations.
- Could lead to inconsistencies in valuation practices across different financial institutions.
Constitutional Alignment
This resolution invokes Congress's power to disapprove agency rules under Chapter 8 of Title 5, United States Code, which is often referred to as the Congressional Review Act (CRA). Article I, Section 1 of the Constitution vests all legislative powers in Congress, which includes the power to oversee and check the actions of executive agencies. The CRA provides a mechanism for Congress to review and potentially overturn agency regulations, ensuring that agencies do not exceed the authority delegated to them by Congress.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).