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EconomyH.R. 8278Comments

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

Official title: To require certain supervisory agencies to assess their technological capabilities, and for other purposes.

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Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, done
  4. Outcome, current stage

How Congress Voted

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What This 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. 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.

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Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. House floor actionsConsidered as unfinished business. (consideration: CR H5822-5823)
  3. Floor Vote
  4. Passed the House
  5. House floor actionsMs. De La Cruz moved to suspend the rules and pass the bill, as amended.
  6. House floor actionsReported (Amended) by the Committee on Financial Services. H. Rept. 119-711.
  7. House committee actionsCommittee Consideration and Mark-up Session Held
  8. Library of CongressIntroduced in House
  9. House floor actionsReferred to the House Committee on Financial Services.
  10. Introduced
  11. Committee

Comments

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