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.
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 overview of the agency’s technology development workforce, and details regarding data sharing procedures.