This bill, the "Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act," aims to enhance banking regulators' access to real-time information for monitoring depository institutions. It requires covered agencies, such as the Federal Reserve System and the Department of the Treasury, to assess their technological capabilities and procurement practices within 180 days of enactment. Additionally, the bill mandates coordinated reports to Congress every five years, detailing the agencies' technologies, procurement practices, workforce engagement, data collection processes, and planned upgrades, among other aspects. The bill ultimately seeks to modernize and streamline technological systems to improve regulatory supervision effectiveness.