# What This Bill Actually Does

Congress is trying to kill a new rule that the National Credit Union Administration created about how credit unions should check the quality of automated home valuation systems. Think of it this way: when you apply for a mortgage or home loan at a credit union, they often use computer software to estimate your home's value instead of hiring a human appraiser. The new rule would require credit unions to have quality control standards to make sure these computer systems are actually accurate and fair. This bill says "no thanks" to that requirement and would prevent the rule from ever taking effect.

The practical impact depends on who you are. If you're a credit union member seeking a loan, this matters because without these quality standards, the automated system your credit union uses to value your home could be unreliable or biased, potentially affecting whether you get approved for a loan or what interest rate you're offered. If you own a credit union, this is good news because you won't have to spend money implementing new quality control procedures and compliance systems. The rule was published in August 2024, so credit unions haven't had to follow it yet—this bill would make sure they never have to.

This is what's called a "Congressional Review Act" resolution, which is a special process Congress uses to reject rules they don't like. If this bill passes both the House and Senate, the rule simply disappears and has no legal force. It's a pretty straightforward power play: Congress is saying the credit union regulators went too far, and they want to override that decision.

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

Clyde, Andrew S.

<p>This joint resolution nullifies the final rule issued by the Office of the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Federal Housing Finance Agency&nbsp;titled <em>Quality Control Standards for Automated Valuation Models</em> and published on August 7, 2024. The rule requires the implementation of quality control standards for automated valuation models used by mortgage originators and secondary market issuers when determining the value of real estate securing a mortgage.&nbsp;</p>