Yesterday, the US House Financial Services Committee, led by Rep. Patrick McHenry, reported 13 pieces of legislation to the House of Representatives for consideration. Among the proposed reforms are bills that would advance regulatory oversight and accountability and promote innovation in the financial sector.
Included in the package is the "Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision (FUTURES) Act." The FUTURES Act would require the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), and National Credit Union Administration (NCUA) to assess the challenges and risks resulting from their outdated supervisory technologies (SupTech). The regulators would report their findings jointly to Congress, and again every five years thereafter.
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