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TREAS/OCC | RIN: 1557-AD87 | Publication ID: Fall 2015 |
Title: Automated Valuation Models | |
Abstract:
The OCC, FRB, FDIC, NCUA, FHFA, and CFPB, in consultation with the Appraisal Subcommittee and the Appraisal Standards Board of the Appraisal Foundation, are required to promulgate regulations to enumerate quality control standards for automated valuation models. Section 1473(q) of the Dodd-Frank Act requires that automated valuation models used to estimate collateral value for mortgage lending comply with quality control standards designed to ensure a high level of confidence in the estimates produced by automated valuation models; protect against manipulation of data; seek to avoid conflicts of interest; require random sample testing and reviews; and account for other factors the agencies deem appropriate. The agencies plan to issue a proposed rule to implement the requirement to adopt quality control standards. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: Undetermined | Unfunded Mandates: Undetermined |
CFR Citation: 12 CFR 34 12 CFR 164 | |
Legal Authority: 12 USC 1 et seq 12 USC 25b 12 USC 29 12 USC 93a 12 USC 371 12 USC 1462a 12 USC 1463 12 USC 1464 12 USC 1465 12 USC 1701j-3 12 USC 1828o 12 USC 3331 et seq 12 USC 5101 et seq 12 USC 5412(b)(2)(B) 15 USC 1639h 12 USC 1828(m) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: Undetermined |
Federalism: Undetermined | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Beth Knickerbocker Counsel Department of the Treasury Comptroller of the Currency Legislative & Regulatory Activities Division, 400 7th Street, SW., Washington, DC 20219 Phone:202 649-7820 Email: beth.knickerbocker@occ.treas.gov Jean Campbell Counsel Department of the Treasury Comptroller of the Currency Legislative and Regulatory Activities Division, 400 7th Street SW., Washington, DC 20219 Phone:202 649-6293 Email: jean.campbell@occ.treas.gov |