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TREAS/OCC RIN: 1557-AD87 Publication ID: Fall 2014 
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 implement quality control standards required 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 for quality control standards.

 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Long-Term Actions 
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 1462 through 462a    12 USC 1463 through 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
Timetable:
Action Date FR Cite
NPRM  12/00/2015 
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:
Mitchell Plave
Special Counsel
Department of the Treasury
Comptroller of the Currency
Chief Counsel's Office, 400 7th Street SW,
Washington, DC 20219
Phone:202 649-6285
Email: mitchell.plave@occ.treas.gov