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

This bill requires major banking regulators (Federal Reserve, FDIC, OCC, CFPB, and NCUA) to assess their current technology systems and procurement processes within 180 days. It mandates a detailed report to Congress every five years covering hardware/software used, challenges in acquiring new technology, workforce capabilities for tech development, data-sharing practices, and plans for future tech upgrades. The goal is to address outdated systems causing delays in monitoring banks, inaccurate data, cybersecurity risks, and difficulties in identifying financial risks or illegal activity. The bill focuses on improving regulators' ability to effectively supervise financial institutions using modern technology.