The Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act requires seven federal financial regulators — including the Federal Reserve, the FDIC, the Consumer Financial Protection Bureau, the Treasury Department, the Federal Housing Finance Agency, and the National Credit Union Administration — to evaluate their own technology systems and procurement practices. Within 180 days of enactment, each agency must assess whether outdated technology limits its ability to monitor banks and other financial institutions in real time, and review how it buys or develops new technology systems. The agencies must then jointly report their findings to the House Financial Services Committee and Senate Banking Committee within 18 months, covering staffing, cybersecurity gaps, industry technology trends, and any planned upgrades and their costs. The bill does not appropriate new funding; it requires regulators to study and report on their own technology, then repeat the process every five years.
Transparency & Accountability
- Congressional oversight — Regulators must report tech assessments to Congress every five years
Congressional Summary
Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision ActThis 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.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Reported to House
- Action Date
- 2026-06-24
- Date Added
- 2026-07-14
- Source
- Congress.gov →
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