WASHINGTON–Representatives of NAFCU, CUNA and other financial services trade groups met with the Small Business Administration’s Office of Advocacy to discuss automated valuation models (AVMs) and the CFPB Policy Statement on unfair, deceptive, or abusive acts or practices (UDAAP).
According to the organizations, meeting participants discussed the joint proposal from the NCUA and five other federal regulators to implement quality control standards from the Dodd-Frank Act for automated valuation models (AVMs).
That proposal 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, NAFCU noted.
The group also discussed guidance posted by the CFPB regarding its definition of “abusive” practices.
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