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June 12, 2023

Reg Alert details joint agency proposal for AVMs

Regulatory AlertNAFCU Friday sent members a Regulatory Alert, detailing a joint agency proposal to implement quality control standards from the Dodd-Frank Act for automated valuation models (AVMs). Of note, the NCUA is among the agencies issuing the proposal.

In the alert, NAFCU noted the agencies would require certain institutions to ensure AVMs used for determining the value of mortgage collateral follow quality control standards and protect the data from manipulation. Additionally, the alert highlighted the proposal would require random sample testing and comply with nondiscrimination laws.

NAFCU added that the proposal “does not provide specific requirements for how institutions should structure these controls, allowing them flexibility to design controls that are suitable for their size and the risk and complexity of transactions involving AVMs.”

Comments are due to NAFCU July 21; comments are due to the agencies 60 days after publication in the Federal Register.  

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