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

This bill would require several federal financial agencies to evaluate their current technological capabilities and their ability to perform real-time supervisory assessments of the entities they oversee. These agencies would also be required to review their procurement rules for acquiring or developing new technology to identify ways to streamline those processes. Additionally, the bill proposes that these agencies submit a report to Congress every five years detailing their technology use, workforce development, and data-sharing procedures.

The bill directly affects several federal financial agencies, including the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Department of the Treasury, and the Office of the Comptroller of the Currency. Also impacted are the Financial Crimes Enforcement Network, the Federal Housing Finance Agency, and the National Credit Union Administration. Additionally, the legislation affects entities under the supervisory authority of these agencies, as the agencies must assess their capabilities to conduct real-time supervisory assessments of those organizations.

• Assessment of real-time supervisory technology. Specified federal financial agencies must evaluate their current technological capabilities for conducting real-time supervisory assessments of the entities under their authority.
• Review of procurement and development protocols. Agencies are required to assess their existing rules for acquiring or developing new technology and identify potential ways to streamline these procurement procedures.
• Five-year congressional reporting requirement. The bill mandates that agencies submit a report to Congress every five years detailing their technology use, anticipated upgrades, procurement practices, and data sharing procedures.
• Workforce and data sharing evaluation. The required reports must include an overview of the agency's technology development workforce and specific details regarding how data is shared within the regulatory framework.

The bill mandates that several existing federal financial agencies, including the Federal Reserve Board and the Consumer Financial Protection Bureau, assess and report on their current technological capabilities and procurement protocols used for supervisory assessments.

The bill aims to modernize financial oversight by requiring federal financial agencies to evaluate their technological capabilities for conducting real-time supervisory assessments of regulated entities. It also seeks to improve administrative efficiency by requiring agencies to review and identify opportunities to streamline their procurement processes for new technological systems.