Regulators evaluating AVM usage

Published by: Sean Brown

September 6, 2023 | Regulatory

Nothing drives member satisfaction quite like speedy and seamless service offerings. That is why the League provided commentary on the National Credit Union Administration’s review of the quality control standards for automated valuation models (AVMs). Your credit unions’ ability to move members effectively and efficiently through the appraisal and mortgage processes is a critical component to providing people-first services. The League advocated for narrowly tailored rules that will neither further dilute or complicate a process that is currently working in practice, nor stifle technology usage in the financial services marketplace. The League understands the intent of the proposed rule is to ensure a high level of confidence in the estimates produced by AVMs, protect against the manipulation of data, avoid conflicts of interest, require random sample testing and reviews, and comply with applicable nondiscrimination laws; however, the proposed benefits cannot be so heavily outweighed by the burden placed on already prudentially regulated, member-owned financial cooperatives.

Contact Sean Brown for questions or assistance.

Sean Brown
Sean Brown Director, Regulatory Affairs E: sbrown@ohiocul.org
Contact Us

Other Movement News

Government Affairs

Credit union data protection efforts shared with Congress

Financial fraud is everywhere; account takeovers, elder scams, counterfeit checks, and stolen credit cards are just a few examples. The U.S. Senate Committee on Banking, Housing, and Urban Affairs held […]
Regulatory

League joins brief to protect commercial lending

While your credit union tries to remain focused on members, services, and the problems already on your plate, the League looks to prevent any new issues from showing up. That […]
Member Benefits

League welcomes new marketing coordinator

This month, the Ohio Credit Union League welcomed Morgan Hoy, marketing coordinator, to the team. Morgan brings diverse marketing and communications experience. Most recently, she managed her own freelance marketing […]