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

June 27, 2024

Cost Estimate

As ordered reported by the House Committee on Financial Services on April 17, 2024

At A Glance

H.R. 7437, Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act As ordered reported by the House Committee on Financial Services on April 17, 2024
By Fiscal Year, Millions of Dollars			2024	2024-2029		2024-2034
Direct Spending (Outlays)			*	1		3
Revenues			*	*		-1
Increase or Decrease (-) in the Deficit			*	1		4
Spending Subject to Appropriation (Outlays)			0	0		0
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?	< $2.5 billion	Statutory pay-as-you-go procedures apply?			Yes
	< $2.5 billion	Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?	< $5 billion	Contains intergovernmental mandate?			No
	< $5 billion	Contains private-sector mandate?			Yes, Under Threshold
* = between -$500,000 and $500,000.

Summary

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.