Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Quality Control Standards for Automated Valuation Models".

Summary

Disapproves and nullifies the Office of the Comptroller of the Currency’s rule titled "Quality Control Standards for Automated Valuation Models" (89 Fed. Reg. 64538). The rule is declared to have no force or effect, removing it from being applied to banks, appraisal tools, and related market participants upon enactment.

• Nullifies the OCC rule "Quality Control Standards for Automated Valuation Models" published at 89 Fed. Reg. 64538.
• Declares the specified rule to have no force or effect.
• Takes effect upon enactment.
• Directly affects regulatory requirements for automated valuation models (AVMs) used by banks and mortgage market participants.
• Does not create new regulatory requirements, funding, or programs—only removes the named rule.