To require certain supervisory agencies to assess their technological vulnerabilities, and for other purposes.
Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
This bill requires the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the National Credit Union Administration to assess the technology used by the entity and its capabilities to conduct real-time supervisory assessments.
Every five years, these entities must report to specified congressional committees. The report must contain an overview of the technology used in supervisory assessments and any anticipated upgrades, a description of procurement practices, an overview of the entity’s technology development workforce, and details regarding data sharing procedures.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-728.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-728.
Placed on the Union Calendar, Calendar No. 615.
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