Bill 118 hr 7437, also known as the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act, aims to improve the effectiveness of regulatory supervision through the use of technology. The bill focuses on utilizing innovative technological tools to enhance regulatory oversight and ensure compliance with laws and regulations. Specifically, the bill calls for the development and implementation of advanced technological solutions to streamline regulatory processes, increase efficiency, and reduce costs. This includes the use of artificial intelligence, data analytics, and other cutting-edge technologies to monitor and enforce regulatory requirements. Additionally, the bill emphasizes the importance of collaboration between regulatory agencies, industry stakeholders, and technology experts to leverage the full potential of technology in regulatory supervision. By fostering partnerships and promoting information sharing, the bill seeks to enhance regulatory effectiveness and promote a more efficient and transparent regulatory environment. Overall, Bill 118 hr 7437 aims to harness the power of technology to improve regulatory supervision, protect consumers, and ensure compliance with laws and regulations. It represents a forward-thinking approach to regulatory oversight that prioritizes innovation and efficiency in the digital age.
Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
This bill requires the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, t...
Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
This bill requires the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the National Credit Union Administration to assess the technology used by the entity and its capabilities to conduct real-time supervisory assessments.
Every five years, these entities must report to specified congressional committees. The report must contain an overview of the technology used in supervisory assessments and any anticipated upgrades, a description of procurement practices, an overview of the entity’s technology development workforce, and details regarding data sharing procedures.
Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
This bill requires the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, t...
Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
This bill requires the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the National Credit Union Administration to assess the technology used by the entity and its capabilities to conduct real-time supervisory assessments.
Every five years, these entities must report to specified congressional committees. The report must contain an overview of the technology used in supervisory assessments and any anticipated upgrades, a description of procurement practices, an overview of the entity’s technology development workforce, and details regarding data sharing procedures.
Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
This bill requires the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, t...
Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
This bill requires the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the National Credit Union Administration to assess the technology used by the entity and its capabilities to conduct real-time supervisory assessments.
Every five years, these entities must report to specified congressional committees. The report must contain an overview of the technology used in supervisory assessments and any anticipated upgrades, a description of procurement practices, an overview of the entity’s technology development workforce, and details regarding data sharing procedures.