Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
The source supplies the latest action, but no lifecycle stage.
Latest action (1 Nov 2024): Placed on the Union Calendar, Calendar No. 615.
What this bill does
H.R. 7437 would require five federal financial supervisory agencies—the Federal Reserve Board, the FDIC, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the National Credit Union Administration—to evaluate the technology they use to oversee banks and other financial institutions. Within 180 days of enactment, each agency would have to assess weaknesses in its information technology systems that limit real-time supervision, and separately review its procurement rules for acquiring or developing new technology. Within a year of finishing those assessments, and every five years afterward, the agencies would jointly report to the House Financial Services Committee and Senate Banking Committee on their technology, workforce, data-sharing practices, and plans for future upgrades.
The bill primarily affects the named regulatory agencies themselves, requiring them to examine and report on their internal technological capabilities. It would not directly regulate banks, credit unions, or consumers, though the reports would touch on costs and challenges supervised institutions face in sharing data with regulators.
The bill was introduced in February 2024 by Rep. Erin Houchin, with bipartisan co-sponsors, and referred to the House Financial Services Committee. On November 1, 2024, the committee reported it out with an amendment, and it was placed on the Union Calendar for consideration by the full House. As of the latest action, it has not received a floor vote, and its status in the current Congress is not indicated.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official 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.
Timeline
1 Nov 2024
Placed on the Union Calendar, Calendar No. 615.
Common questions
- What does H.R. 7437 do?
- H.R. 7437 would require five federal financial supervisory agencies—the Federal Reserve Board, the FDIC, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the National Credit Union Administration—to evaluate the technology they use to oversee banks and other financial institutions. Within 180 days of enactment, each agency would have to assess weaknesses in its information technology systems that limit real-time supervision, and separately review its procurement rules for acquiring or developing new technology. Within a year of finishing those assessments, and every five years afterward, the agencies would jointly report to the House Financial Services Committee and Senate Banking Committee on their technology, workforce, data-sharing practices, and plans for future upgrades. The bill primarily affects the named regulatory agencies themselves, requiring them to examine and report on their internal technological capabilities. It would not directly regulate banks, credit unions, or consumers, though the reports would touch on costs and challenges supervised institutions face in sharing data with regulators. The bill was introduced in February 2024 by Rep. Erin Houchin, with bipartisan co-sponsors, and referred to the House Financial Services Committee. On November 1, 2024, the committee reported it out with an amendment, and it was placed on the Union Calendar for consideration by the full House. As of the latest action, it has not received a floor vote, and its status in the current Congress is not indicated.
- Has H.R. 7437 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 7437. Check the latest action and official source below.
- Who sponsored H.R. 7437?
- H.R. 7437 was sponsored by Rep. Houchin, Erin [R-IN-9] (R-IN), with 3 cosponsors.
- What's the latest action on H.R. 7437?
- Placed on the Union Calendar, Calendar No. 615. (1 Nov 2024).
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