Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
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Summary
This bill requires six federal financial supervisory agencies to assess their technological capabilities and procurement practices within 180 days, then submit a joint report to Congress within 18 months and every five years thereafter. The report must cover their hardware and software systems, procurement protocols, workforce technology expertise, data collection processes, market and technology trends, interagency information sharing, and plans for future technology upgrades. The bill aims to modernize banking regulators' ability to conduct real-time supervision and monitor emerging risks, including those related to artificial intelligence in the financial sector.
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