Fast-track passage of the “Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act” (HR 8278)

The bill

Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act

Topic: Finance and Financial Sector

What the bill does

This bill requires specified federal financial agencies to assess their technological capabilities and procurement practices. Specifically, agencies (the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Department of the Treasury, the Office of the Comptroller of the Currency, the Financial Crimes Enforcement Network, the Federal Housing Finance Agency, and the National Credit Union Administration) must assess the technology used by the agency and its capabilities to conduct real-time supervisory assessments of entities over which the agency has supervisory authority. Additionally, the agencies must assess the applicable procurement rules and protocols when acquiring or developing new technological systems and identify any opportunities to streamline these procedures. Every five years, these agencies must report to specified congressional committees.

Source: Congressional Research Service summary

Bill on congress.gov(opens in a new tab)