House-passed bill would make federal financial regulators review their technology and buying rules and report to Congress

Each covered agency would assess how its current technology makes it harder to supervise firms in real time. The review covers core computer systems, tools used to supervise firms, tools for tracking market risks, and technology for collecting, storing, processing, and securing data. Covered agencies are the Federal Reserve, Consumer Financial Protection Bureau, FDIC, Treasury (including the OCC and FinCEN), Federal Housing Finance Agency, and National Credit Union Administration. The assessment is due within 180 days after enactment.

Each covered agency would assess the rules it follows when it buys or builds new technology and identify ways to streamline them. The review includes how those rules affect the agency's ability to test new systems, and covers only changes within the agency's own authority. The assessment is due within 180 days after enactment.

The covered agencies would jointly send Congress's financial committees a report on their technology, buying practices, staffing, and upgrade plans. It covers each agency's tools, technology workforce and contractors, how it gets data from supervised firms, risks from new technology, information sharing, and the cost of planned upgrades, including estimated costs for firms to change systems. The report must be delivered in a way that does not risk the security of agency, firm, or market systems. The first report is due 18 months after the assessments are done, then every 5 years.