Overview
Title
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.
ELI5 AI
H. J. RES. 50 is like a big "no thank you" from Congress to a new rule about checking how much houses are worth using computers. They want to stop this rule from happening, but they didn't say why.
Summary AI
H. J. RES. 50 is a joint resolution from the 119th Congress that seeks to officially disapprove and nullify a rule submitted by the National Credit Union Administration. Specifically, the rule pertains to "Quality Control Standards for Automated Valuation Models," which was featured in the Federal Register on August 7, 2024. If enacted, this resolution will ensure that the rule has no force or effect.
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AnalysisAI
Summary of the Bill
The joint resolution H. J. RES. 50 involves congressional disapproval of a specific rule that was submitted by the National Credit Union Administration (NCUA). This rule pertains to "Quality Control Standards for Automated Valuation Models." In essence, the resolution is a formal rejection of these quality control standards, which means they will not be implemented or have any legal effect. The disapproval is cited under chapter 8 of title 5 of the United States Code, which deals with the congressional review of agency rulemaking.
Significant Issues
A key issue with the resolution is the lack of explanation provided for the disapproval of the NCUA's rule. Without a clear rationale, it leaves the public and stakeholders guessing about the reasons behind Congress's decision. This absence of a clear justification can cause confusion and might be perceived as lacking transparency. Furthermore, while the resolution references the exact citation in the Federal Register (89 Fed. Reg. 64538), this detail is likely inaccessible and difficult to understand for most readers, limiting the broader public's understanding of what the rule entails and why it was rejected.
Broad Public Impact
The broader impact of this resolution on the public could be varied. For those uninterested or uninvolved in the specifics of credit union administration or automated valuation models, this resolution may pass unnoticed. However, for those involved in industries relying on automated valuation models, such as real estate or finance, the disapproval could mean a continuation of previous practices without the potentially improved standards the NCUA rule might have introduced. For the general public, the lack of clarity and transparency could contribute to a sense of disconnect or distrust in the legislative process, especially when rules are disapproved without an accompanying explanation.
Impact on Specific Stakeholders
The resolution is likely to have a more concentrated effect on specific stakeholders, notably those in the credit union sector and industries that utilize automated valuation models (AVMs) for property valuation and similar assessments. The rejection of the quality control standards could be seen as negative by stakeholders who were preparing for or in favor of the new guidelines, potentially seeing them as a means to enhance accuracy and reliability in valuations. Conversely, some stakeholders might view this disapproval positively if they believed that the proposed standards were burdensome or ineffective. The lack of enacted standards could mean less regulatory compliance complexity for those entities, but it also keeps in place any existing gaps in quality control that the NCUA was seeking to address.
Issues
The disapproval of the rule is not accompanied by a clear rationale or explanation, which creates ambiguity and lacks transparency, potentially leading to public confusion about the reasons for rejecting the rule. [Section 1]
The disapproval directly impacts the 'Quality Control Standards for Automated Valuation Models,' potentially affecting stakeholders who rely on these standards, yet the implications and broader impacts of this decision are not fully conveyed in the text. [Section 1]
The reference to the Federal Register citation (89 Fed. Reg. 64538) is too specific and might not be easily understandable for the general public, which limits accessibility to important information related to the disapproval. [Section 1]
Sections
Sections are presented as they are annotated in the original legislative text. Any missing headers, numbers, or non-consecutive order is due to the original text.
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Summary AI
Congress has decided to reject the rule established by the National Credit Union Administration about "Quality Control Standards for Automated Valuation Models," meaning this rule will not be implemented or enforced.