Sponsors (2)
The bill strengthens regulators' technology, coordination, and workforce to detect and manage financial risks earlier, while creating administrative costs and confidentiality/privacy risks and potentially imposing costly modernization pressures on supervised firms and their customers.
Regulators will identify and plan technology upgrades for supervision, enabling earlier detection of bank and consumer risks and more proactive oversight.
Agencies will streamline procurement and testing processes, potentially speeding deployment of supervisory tools that improve oversight and consumer protection.
Regular coordinated reporting will increase congressional oversight and interagency coordination, raising accountability for regulator technology readiness and response.
Preparing assessments and mandated reports will impose compliance and administrative costs on agencies, diverting staff time and budget from other activities.
Requiring reporting about vendors, systems, or data-sharing needs and increasing interagency data sharing raises confidentiality, privacy, and security risks for supervised entities and potentially taxpayers if not tightly controlled.
Estimates of transition costs and pressure to modernize could lead to regulatory expectations that impose upgrade costs on banks, credit unions, and ultimately their customers.
Based on analysis of 3 sections of legislative text.
Requires major federal banking regulators to assess technology and procurement gaps and submit coordinated reports with upgrade plans, costs, and timelines.
Official title: To require certain supervisory agencies to assess their technological capabilities, and for other purposes.
Introduced April 14, 2026 by Marlin A. Stutzman · Last progress April 14, 2026
Requires major federal banking regulators to evaluate and report on their technology and procurement systems to improve real-time supervision, data collection, analytics, and cybersecurity. Agencies must complete initial assessments within 180 days and produce coordinated reports with implementation plans, costs, and timelines within 18 months and every five years thereafter. The reports must cover hardware/software inventories, procurement practices, workforce and contractor use, information sharing, market/technology risks, estimated costs for supervised firms to update systems, and planned upgrades — while protecting sensitive security details from disclosure.