Supervisory Technology Assessment Act

Summary#

This bill requires several federal financial supervisors to check their technology and buying rules. Covered agencies must finish two assessments within 180 days: one about current technologies that make supervision hard, and one about procurement rules and how to speed them up. Covered agencies must then jointly send a report 18 months after those assessments finish, and every 5 years after that. The report must describe the hardware and software used for supervision; procurement practices; the agency technology workforce and use of contractors; how agencies get data from supervised firms and problems doing so; market and technology trends (including risks from new tools such as artificial intelligence); how agencies share information with each other; estimated costs for supervised firms to change systems to share data; and plans for future technology upgrades.

Covered agencies named in the bill are the Federal Reserve Board, the Consumer Financial Protection Bureau, the FDIC, the Department of the Treasury (including the OCC and FinCEN), the Federal Housing Finance Agency, and the National Credit Union Administration.

What it means for you#

• If you work at or with a supervised financial firm, agencies will study how your systems send data and may ask for estimates of costs to change systems.
• If you work at a covered agency, the bill directs internal reviews of current technology, procurement, staffing, and contractor use and requires coordinated reporting to congressional committees.
• If you are a member of the public or a policymaker, you should expect periodic public-facing summaries (subject to security limits) about agencies' technology, procurement, and planned upgrades.

Expenses#

No publicly available information on overall federal cost estimates or appropriations is included in the bill text. The bill does require that reports include estimates of costs for supervised entities to modify systems to share data and that agencies describe anticipated costs of planned upgrades, but it does not itself provide dollar amounts or authorize funding.

Proponents' View#

The bill's findings state that proponents believe: agencies lack timely access to real-time information; supervisors should use new technologies to do oversight better; outdated technology creates risks such as poor data quality, limited analytics, weaker cybersecurity, and missed illegal activity; and the growth of artificial intelligence offers both opportunities and new risks, so agencies need the tools and staff to assess those changes. The bill frames streamlined procurement and improved agency technology as needed to strengthen supervision.

Opponents' View#

No publicly available information on opponents' views is included in the bill text or accompanying metadata.