Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to "Quality Control Standards for Automated Valuation Models".

Disapproves and nullifies a Federal Reserve rule titled “Quality Control Standards for Automated Valuation Models” (89 Fed. Reg. 64538), so that the rule will have no force or effect. The measure removes the Board’s new binding quality-control requirements for automated valuation models (AVMs) used in real estate valuation and related supervisory guidance.

The action immediately prevents the Federal Reserve’s AVM standards from being implemented, leaving existing practices and any prior guidance in place until a different standard or rule is put forward or adopted by regulators.