Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
- Bill Number
- H.R. 8278
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-06-24: Placed on the Union Calendar, Calendar No. 617.
- Last Updated
- 2026-07-08T20:06:16Z
AI-Generated Summary
Summary of H.R. 8278
Purpose
This legislation requires certain federal financial supervisory agencies to evaluate their current technological tools and procurement processes. The goal is to identify gaps in real-time oversight of banks and other supervised entities, support effective monitoring of risks, consumer protection, and compliance with laws like the Bank Secrecy Act, and prepare agencies for technologies such as artificial intelligence used by financial firms.
Key Provisions
- Findings: The bill outlines challenges with outdated technology, including difficulties in data collection and analysis, cybersecurity risks, and the need for updated tools to handle market developments and new technologies.
- Assessments Required: Within 180 days of enactment, each covered agency must:
- Evaluate how existing hardware, software, and data systems limit real-time supervisory assessments.
- Review procurement rules for acquiring or developing new technology and identify ways to streamline them.
- Joint Report: No later than 18 months after the assessments, and every five years thereafter, the agencies must submit a coordinated report to the House Financial Services Committee and Senate Banking Committee. The report must cover (without risking security) topics such as:
- Current technology used for supervision and analytics.
- Workforce capabilities and reliance on contractors.
- Processes for obtaining data from supervised entities and any barriers.
- Market trends, risks from new technologies, and plans for future upgrades including costs and timelines.
- Covered Agencies: The Board of Governors of the Federal Reserve System, Bureau of Consumer Financial Protection, Federal Deposit Insurance Corporation, Department of the Treasury (including the Office of the Comptroller of the Currency and Financial Crimes Enforcement Network), Federal Housing Finance Agency, and National Credit Union Administration.
Significant Changes to Existing Law
The bill introduces new mandatory self-assessments and periodic interagency reporting requirements focused on technology and procurement. It does not alter substantive supervisory powers or impose new rules on private entities but establishes a structured process for agencies to review and plan technological improvements.
Potential Impacts
- On Government Agencies: Requires staff time and resources for assessments and reporting; may encourage better coordination among agencies and highlight needs for hiring technology experts or updating systems.
- On Citizens and Supervised Entities: Indirect benefits could include improved detection of risks and illegal activities through more effective oversight, though supervised financial institutions may face future requests for system modifications with associated costs.
- On International Relations: No direct effects identified in the legislation.
Main Stakeholders Affected
- Federal financial regulatory agencies listed above.
- Depository institutions and other entities under their supervision.
- Congress, through receipt of the required reports.
- Consumers, via potential improvements in regulatory oversight of financial services.
Notable Legal, Constitutional, or Political Implications
The legislation emphasizes interagency collaboration and information sharing while protecting the security of existing systems. It raises no apparent constitutional concerns and focuses on administrative improvements rather than expanding regulatory authority.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Rep. Stutzman, Marlin A. [R-IN-3]
Cosponsors (1)
Recent Actions
- 2026-06-24: Placed on the Union Calendar, Calendar No. 617.
- 2026-06-24: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-711.
- 2026-06-24: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-711.
- 2026-05-13: Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 0.
- 2026-05-13: Committee Consideration and Mark-up Session Held
- 2026-04-14: Referred to the House Committee on Financial Services.
- 2026-04-14: Introduced in House
- 2026-04-14: Introduced in House
Bill Versions
- Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act — issued 2026-04-14 — PDF (8 pages)
- Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act — issued 2026-06-24 — PDF (12 pages)