Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act
Key claim: HR8278 would require major federal financial regulators to assess their technology for real-time supervisory assessments and their procurement practices, and to report to Congress every five years on systems, workforce, upgrades, and data sharing.
Abstract
(HR8278 · 119th Congress) Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act This bill requires specified federal financial agencies to assess their technological capabilities and procurement practices. Specifically, agencies (the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Department of the Treasury, the Office of the Comptroller of the Currency, the Financial Crimes Enforcement Network, the Federal Housing Finance Agency, and the National Credit Union Administration) must assess the technology used by the agency and its capabilities to conduct real-time supervisory assessments of entities over which the agency has supervisory authority. Additionally, the agencies must assess the applicable procurement rules and protocols when acquiring or developing new technological systems and identify any opportunities to streamline these procedures. Every five years, these agencies must report to specified congressional committees. Among other topics, 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 agency’s technology development workforce, and details regarding data sharing procedures. Latest action (2026-06-24): Placed on the Union Calendar, Calendar No. 617.
Why this matters
The FUTURES Act would institutionalize a recurring, cross-agency review of the technology stack and procurement processes that federal financial supervisors rely on, with an emphasis on real-time supervisory capabilities and data sharing across regulators. For banks and other supervised entities, this signals congressional pressure toward more data-driven, potentially continuous supervision rather than periodic exam cycles, and could shape the direction of future exam infrastructure investments.