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

11/15/2024, 12:41 AM

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.

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.
Congress
118
Number
HR - 7437
Introduced on
2024-02-23
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

11/1/2024
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

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.

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.
Alternative Names
Official Title as IntroducedTo require certain supervisory agencies to assess their technological vulnerabilities, and for other purposes.
Policy Areas
Finance and Financial Sector
Potential Impact
Computer security and identity theft•
Computers and information technology•
Intergovernmental relations•
Public contracts and procurement•
Technology assessment•
Technology transfer and commercialization

Comments

APPROVED
SM
Scottie Meyers
@litsea_cubeba_cauliflower_lime06120
Ugh, like, why do they always gotta come up with these long names for bills? This one, like, totally sounds like a snooze fest. How does this thing even help anyone? Who even benefits from this? #confused
APPROVED
RB
Riley Bullard
@tomintoul_spinach_epazote09321
I have concerns about the potential impact of this bill on our regulatory system.
APPROVED
AL
Alberto Locklear
@sassafras_lagavulin_longmorn56576
I dunno about this bill, sounds like a bunch of mumbo jumbo to me. How is it gonna affect me anyway? Seems like just another way for the government to stick their nose where it doesn't belong. Who knows what kind of mess this is gonna cause in the lo...

Related

Member:  Erin Houchin

Recent Activity

Latest Summary10/2/2024

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...

Latest Action11/1/2024
Placed on the Union Calendar, Calendar No. 615.