Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Quality Control Standards for Automated Valuation Models".
Summary
H.J. Res. 51 is a congressional disapproval resolution under the Congressional Review Act that would nullify a Consumer Financial Protection Bureau rule titled “Quality Control Standards for Automated Valuation Models.” Automated valuation models, or AVMs, are computer-based tools used to estimate property values, often in mortgage lending and real estate transactions. If enacted, the resolution would make the CFPB rule have no force or effect.
The resolution does not create a new regulatory framework; instead, it seeks to overturn an existing federal rule published at 89 Fed. Reg. 64538 (Aug. 7, 2024). Its practical effect would be to prevent the CFPB’s AVM quality-control standards from taking effect nationwide, leaving the underlying regulatory space governed by whatever other federal, state, or market-based standards already apply.
Impact
If adopted, H.J. Res. 51 would amend federal regulatory policy by disapproving the CFPB’s automated valuation model rule and blocking its implementation under chapter 8 of title 5, the Congressional Review Act. That would affect mortgage lenders, appraisers, fintech firms, and other entities that use AVMs in home valuation and underwriting, as well as consumers and property markets that rely on those valuations. It would also limit the CFPB’s ability to enforce the specific quality-control requirements contained in the rule.
Sentiment
Based on the available context, the bill appears to be a deregulatory measure introduced by Rep. Clyde and referred to the House Committee on Financial Services without recorded debate or votes in the provided materials. The absence of committee transcripts or roll-call history suggests no documented bipartisan consensus or formal opposition in the supplied record, but the resolution’s purpose indicates support from members skeptical of the CFPB rule and its compliance burden. Overall, the available record is procedurally neutral but substantively aligned with efforts to roll back federal financial regulation.
Contention
The main point of contention is the CFPB’s authority and the substance of its quality-control standards for automated valuation models. Supporters of the resolution are likely to argue that the rule imposes unnecessary regulatory burdens, while opponents would likely contend that AVM standards are needed to improve accuracy, reduce bias, and protect consumers in real estate valuation and mortgage lending. Because no committee discussion or vote data are provided, the specific positions of individual members or outside stakeholders are not documented in the supplied record.