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CFPB RIN: 3170-AA57 Publication ID: Fall 2022 
Title: Amendments to FIRREA Concerning Automated Valuation Models 

The Bureau is participating in an interagency rulemaking process with the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Federal Housing Finance Agency (collectively, the Agencies) to develop regulations to implement the amendments made by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) concerning automated valuation models.  The FIRREA amendments require implementing regulations for quality control standards for automated valuation models (AVMs).  In February 2022, the Bureau initiated the process under the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA) for this rulemaking and released an outline of proposals and alternatives under consideration for the SBREFA panel, made up of representatives of small businesses that might be affected by the rulemaking.  The Bureau released a final SBREFA report on May 13, 2022.  The Agencies will continue to work to develop a proposed rule to implement the Dodd-Frank Act’s AVM amendments to FIRREA.

Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 12 U.S.C. 3354   
Legal Deadline:  None
Action Date FR Cite
SBREFA Outline  02/23/2022 
SBREFA Report  05/13/2022 
NPRM  03/00/2023 
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: Yes 
Related RINs: Split from 3170-AA44, Related to 7100-AE71, Related to 1557-AD87, Related to 3064-AE68, Related to 3133-AE23, Related to 2590-AA62  Related Agencies: Joint: FRS, TREAS/OCC, FDIC, NCUA, FHFA; 
Agency Contact:
Pedro De Oliveira
Office of Regulations
Consumer Financial Protection Bureau
Washington, DC 20552
Phone:202 435-7700