H.R. 7437, Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act

H.R. 7437 would require federal financial regulators to assess how their technological systems prevent them from conducting real-time supervision of regulated entities and how their procurement rules limit the testing of new technologies. Federal financial regulators under the bill include the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve, National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC). In addition, the bill would require those agencies to jointly report to the Congress every five years on multiple issues, including their use of hardware and software, procurement practices, and information technology workforce.