Technology

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.

HR 2978, the GUARD Act, allows state, local, and tribal law enforcement agencies to use existing federal grant funds for investigating elder financial fraud, "pig butchering" investment scams, and general financial fraud. The bill directs these funds toward hiring specialized staff, training on blockchain tools and transnational fraud, purchasing investigative software, improving data collection, and creating financial sector liaisons to coordinate with banks. It requires annual reports from law enforcement on fund usage and outcomes, and mandates federal agencies to submit comprehensive reports to Congress on scam statistics, enforcement actions, and funding allocation. The legislation directly affects law enforcement agencies and aims to strengthen efforts against fraud targeting vulnerable populations, particularly elderly individuals.