# What This Bill Does

Congress is trying to block a new rule created by the Office of the Comptroller of the Currency (a federal banking agency) about how banks should check the accuracy of automated home valuation models. These models are computer systems that banks use to estimate how much a house is worth—a critical step when someone applies for a mortgage. The rule, which was officially published in August 2024, sets quality control standards to make sure these automated valuations are reliable and accurate. If this bill passes, that rule would be completely canceled and wouldn't apply to banks anymore.

To understand why this matters, think about what happens when you get a mortgage. The bank needs to know your home is worth at least as much as the loan they're giving you. Many banks now use automated computer systems to estimate home values instead of hiring human appraisers. The canceled rule would have required banks to have better checks in place to make sure these computer systems aren't making big mistakes or producing biased results. Without these quality control standards, there's less oversight of how accurate or fair these automated valuations are.

This affects homebuyers, homeowners refinancing mortgages, and potentially anyone whose home value is assessed by these automated systems. Banks would face fewer requirements to verify that their valuation software is working correctly. Supporters of blocking the rule argue it reduces regulatory burden on banks, while critics worry it could lead to inaccurate home valuations, unfair lending practices, or people being denied mortgages based on faulty computer estimates. The practical impact depends on whether banks voluntarily maintain high standards for these systems or whether they cut corners without the federal requirement.

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".