YourVoice.Now Summary
Transparency & AccountabilityNo change for daily life — bank regulators would check if their own tech can keep up.
Transparency & Accountability
Agencies like the Federal Reserve and the FDIC would check their own computer systems. The question is whether those systems can still track risk at banks. They would send what they find to two committees in Congress, then do it again every five years.
More about this bill
Most people would see no change in daily life. Federal bank regulators would have to study their own computer systems. That group includes the Federal Reserve, the FDIC, and the Consumer Financial Protection Bureau. Each agency would get 180 days to check whether its technology is too old to watch banks in real time. Each would also review how it buys new systems. The agencies would then send one joint report to two committees in Congress. That report would be due 18 months after the studies end. They would repeat the whole process every five years. No new money would be set aside. Rules for banks and credit unions would stay the same.
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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