H.R. 8278 · Passed House · Finance and Financial Sector
Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
Sponsor: Marlin A. Stutzman (R-IN)
What it does
- Require eight federal financial agencies to assess their current technology capabilities and capacity to conduct real-time supervisory assessments of regulated entities.
- Mandate agencies to evaluate their procurement rules and protocols for acquiring or developing new technological systems and identify opportunities to streamline procedures.
- Require agencies to submit reports to Congress every five years detailing technology used in supervision, planned upgrades, procurement practices, technology workforce composition, and data sharing procedures.
Official summary
Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act 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. Among other topics, the report must contain an overview of the technology used in supervisory assessments and any anticipated upgrades, a description of procurement practices, an…
Latest action
Sep 16, 2026: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committee: Senate Banking, Housing, and Urban Affairs