Summary

Disapproves and nullifies a recent Bureau of Consumer Financial Protection rule setting quality-control standards for automated valuation models (AVMs). The rule cited in the text (published at 89 Fed. Reg. 64538, Aug. 7, 2024) is declared to have no force or effect upon enactment, removing that regulatory requirement from the books.

• Cancels the CFPB's AVM quality-control rule published Aug 7, 2024 (89 Fed. Reg. 64538).
• Declares the named rule to have no force or effect upon enactment.
• Removes the CFPB’s specific regulatory requirements for automated valuation models (AVMs).
• Does not create replacement standards or new funding; it only nullifies the named regulation.
• Directly affects AVM vendors, mortgage lenders/servicers, appraisers, and borrowers who rely on valuations.
• CFPB retains other supervisory authorities; other laws, contracts, or investor requirements may still impose AVM controls.
• Takes effect when the disapproval resolution is enacted into law.