Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
What changed between versions
A new finding (subsection 4) was added stating that new technological tools are necessary for agencies to fulfill mandates beyond prudential supervision, specifically consumer protection and Bank Secrecy Act compliance monitoring. This broadens the stated purpose of the bill's technology assessment requirements.
The findings on procurement risk were restructured: the original call for regulators to leverage technology was replaced with a finding that procurement risks present challenges, and the original procurement risk management finding was replaced with a broader mandate that agencies must leverage new technologies to preserve a safe and sound banking system.
Section 3(b)(3)(B) now requires agencies to include in their report a description of related risk management practices for contractors and third-party technologies, expanding the scope of what must be reported about technology workforce and contractor reliance.
