,,ib ,union ,cal5d> ,no4 #fae #aah? ,,congress #b;d ,session ,h4 ,r4 #gdcg ,report ,no4 #aah-gbh ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,febru>y #bc1 #bjbd,mrs4 ,h\*9 7= h]self1 ,mr4 ,fo/]1 & ,mr4 ,hill7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,novemb] #a1 #bjbd;,additional sponsor3 ,ms4 ,pett]s5 ,novemb] #a1 #bjbd,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be printed,strike out all aft] ! enact+ clause & ins]t ! "p pr9t$ 9 italic,for text ( introduc$ bill1 see copy ( bill z introduc$ on ,febru>y #bc1 #bjbd ,a ,,bill ,to require c]ta9 sup]visory ag5cies to assess _! te*nological vuln]abilities1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,fo/]+ ! ,use ( ,te*nology to ,uphold ,regulatory ,effectiv5ess 9 ,sup]vision ,act4 #b4 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,bank+ regulators cont9ue to exam9e & monitor depository in/itutions )\t access to real-"t in=mation4 7#b7 ,risk surr\nd+ te*nology procurem5t may pres5t *all5ges = updat+ sup]visory te*nology4 7#c7 ,to ensure t prud5tial sup]vision is effective & su/a9able 9 ! digital age1 ag5cies mu/ lev]age new te*nologies to all[ = ! f9ancial monitor+ necess>y to pres]ve a safe & s\nd bank+ sy/em4 7#d7 ,new te*nological tools are also necess>y 9 ord] = ag5cies to effectively fulfill m&ates o!r ?an prud5tial sup]vision1 includ+ _! m&ates to assure consum] protection & monitor ,bank ,secrecy ,act compliance4 7#e7 ,ag5cies' reliance on outdat$ te*nology creates vuln]abilities = ! f9ancial sy/em1 caus+-- 7,a7 difficulties 9 collect+1 compil+1 & analyz+ relevant in=mation ab\t risks & noncompliance at sup]vis$ firms2 7,b7 reliance on in=mation t is inaccurate1 incomplete1 or n timely2 7,c7 reliance on limit$ & outdat$ tools = data analysis2 7,d7 difficulties 9 us+ data to id5tify risk tr5ds2 7,e7 difficulties 9 produc+ accurate & timely reports2 7,f7 inadequacy ( cyb]security safegu>ds2 & 7,g7 failure to detect illegal activities4 7#f7 ,! rapid expansion ( f9ancial firms' use ( artificial intellig5ce may g5]ate opportunities to improve ! f9ancial sy/em :ile also introduc+ a range ( risks1 mak+ x ess5tial t ag5cies be equipp$ ) ! te*nology & skills ne$$ to analyze ^! opportunities & pot5tial risks4 7#g7 ,:ile ag5cies assess _! sup]visory capabilities on an ongo+ basis1 x is imp]ative t !re be a unifi$ goal to enhanc+ sup]visory te*nologies t ensures effective & su/a9able ov]sight 9 ! digital age4 #c4 ,te*nological vuln]abilities & procurem5t practices assessm5t 7a7 ,9 g5]al 7#a7 ,te*nological vuln]abilities assessm5t ,ea* cov]$ ag5cy %all1 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is section1 assess h[ exi/+ te*nological sy/ems us$ by ! cov]$ ag5cy prev5t ! cov]$ ag5cy f conduct+ real-"t sup]visory assessm5ts ( entities ov] :i* ! cov]$ ag5cy has sup]visory au?ority1 includ+ effects /emm+ f-- 7,a7 core in=mation te*nology infra/ructure2 7,b7 te*nology us$ to sup]vise entities1 includ+ sup]visory te*nological tools2 & 7,c7 te*nology = monitor+ g5]al m>ket risks us+ report$ data & ext]nal data4 7#b7 ,procurem5t practices assessm5t ,ea* cov]$ ag5cy %all1 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is section-- 7,a7 assess ! procurem5t rules & protocols adh]$ to by su* cov]$ ag5cy :5 su* cov]$ ag5cy acquires or develops new te*nological sy/ems2 & 7,b7 id5tify any *all5ges creat$ by su* procurem5t rules & protocols1 includ+ ! impact su* rules or protocols h on ! ability ( ! cov]$ ag5cy to te/ new te*nological sy/ems4 7b7 ,report ,n lat] ?an #a ye> aft] ! completion ( ! assessm5ts requir$ "u subsection 7a71 & e #e ye>s !reaft]1 ! cov]$ ag5cies %all coord9ate & jo9tly submit to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate a report t includes ! foll[+ ) respect to ea* cov]$ ag5cy-- 7#a7 a g5]al ov]view ( h>dw>e & s(tw>e us$ = in=mation ga!r+ & advanc$ analytics dur+ sup]vision activities1 includ+ products pur*as$ f te*nology v5dors & products develop$ by ! cov]$ ag5cy or contractors ( ! cov]$ ag5cy2 7#b7 a description ( ! procurem5t practices & protocols ( ! cov]$ ag5cy1 includ+ a description (-- 7,a7 :e!r su* processes are volunt>ily adh]$ to or m&at$2 & 7,b7 any *all5ges result+ f su* practices & protocols & relevant factors1 if any1 t h impact$ ! cov]$ ag5cy's ability to obta9 new te*nology2 7#c7 a g5]al ov]view ( ! portion ( work=ce ( ! cov]$ ag5cy t is engag$ prim>ily 9 te*nology developm5t )9 ! cov]$ ag5cy1 includ+-- 7,a7 an ov]view ( ! ability ( ! cov]$ ag5cy to recruit & reta9 appropriate te*nology exp]ts2 7,b7 employee self-report$ work=ce data2 & 7,c7 a description ( ! degree to :i* ! cov]$ ag5cy relies on contractors to design1 develop1 or deploy te*nology & p]=m te*nology-relat$ tasks2 7#d7 a description ( ! processes us$ by ! cov]$ ag5cy to obta9 in=mation f entities sup]vis$ by ! cov]$ ag5cy & g5]al in=mation ab\t m>ket tr5ds & risks2 7#e7 a description ( ! ways 9 :i* ! cov]$ ag5cy %>es in=mation or sy/em access ) o!r cov]$ ag5cies2 7#f7 an evaluation ( ! level ( ease or difficulty exp]i5c$ by ! cov]$ ag5cy1 includ+ any legal or regulatory *all5ges1 :5-- 7,a7 %>+ data ) o!r gov]nm5t ag5cies2 or 7,b7 collect+ data f entities sup]vis$ by ! cov]$ ag5cy2 7#g7 an evaluation ( co/ = sup]vis$ entities to modify sy/ems to %>e data ) cov]$ ag5cies2 & 7#h7 a description ( any plans ! cov]$ ag5cy has t relate to h[ ! cov]$ ag5cy w implem5t future upgrades to ! te*nology us$ by ! cov]$ ag5cy to sup]vise entities sup]vis$ by ! cov]$ ag5cy1 includ+-- 7,a7 a g5]al description ( any plann$ upgrades2 7,b7 ! anticipat$ timel9e = any plann$ upgrades2 7,c7 ! co/s ( any plann$ upgrades2 7,d7 any conc]ns ab\t access to ne$$ res\rces2 7,e7 int5d$ ef=ts = hir+ & tra9+ individuals z "p ( any te*nological upgrades2 7,f7 any aspects ( any plann$ upgrades t %\ld be address$ on an int]ag5cy basis2 & 7,g7 any anticipat$ *all5ges & solutions associat$ ) entities sup]vis$ by ! cov]$ ag5cy adapt+ to new report+ requirem5ts1 includ+-- 7i7 e/imates ( transition co/s2 & 7ii7 e/imates ( any pot5tial co/ r$uctions4 7c7 ,cov]$ ag5cy def9$ ,9 ?is section1 ! cov]$ ag5cy means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,bureau ( ,consum] ,f9ancial ,protection1 & ! ,national ,cr$it ,union ,adm9i/ration4 ,novemb] #a1 #bjbd,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be pr9t$