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

HR 8278, the "Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act," requires several federal financial regulatory agencies to assess their technological capabilities and procurement practices. These agencies, including the Federal Reserve, FDIC, and CFPB, must evaluate how their current technology impacts their ability to supervise financial institutions in real-time and identify opportunities to streamline how they acquire new systems. The bill mandates that these agencies then jointly submit a report to Congress every five years. This report will detail their technology use, procurement processes, workforce capabilities, and plans for future tech upgrades to enhance financial system oversight.