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TREAS/OCC RIN: 1557-AD87 Publication ID: Spring 2024 
Title: Quality Control Standards for Automated Valuation Models 
Abstract:

The OCC, FRB, FDIC, NCUA, FHFA, and CFPB, in consultation with the FFIEC Appraisal Subcommittee and the Appraisal Standards Board of the Appraisal Foundation, are required to promulgate regulations addressing 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 issued a proposed rule to implement the requirement to adopt quality control standards on June 21, 2023, see 88 FR 40638.  The agencies plan to issue a final rule in June of 2024.

 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: Undetermined 
CFR Citation: 12 CFR 34   
Legal Authority: 12 U.S.C. 1 et seq.    12 U.S.C. 25b    12 U.S.C. 29    12 U.S.C. 93a    12 U.S.C. 371    12 U.S.C. 1462a    12 U.S.C. 1463    12 U.S.C. 1464    12 U.S.C. 1465    12 U.S.C. 1701j-3    12 U.S.C. 1828o    12 U.S.C. 3331 et seq.    12 U.S.C. 5101 et seq.    12 U.S.C. 5412(b)(2)(B)    15 U.S.C. 1639h    12 U.S.C. 1828(m)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  06/21/2023  88 FR 40638   
NPRM Comment Period End  08/21/2023 
Final Rule  07/00/2024 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Related Agencies: Joint: FRS, FDIC, NCUA, FHFA, CFPB; 
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