I 

118TH CONGRESS 

2D SESSION H. R. 7036 

To amend the Federal Credit Union Act to modify requirements relating 

to the regulation and examination of credit union organizations and 

service providers, to provide the Director of the Federal Housing Finance 

Agency with the authority to regulate the provision of services provided 

to the Government-sponsored enterprises and Federal Home Loan Banks, 

and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 18, 2024 

Mr. FOSTER introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To amend the Federal Credit Union Act to modify requirements relating to the regulation and examination of credit union organizations and service providers, to provide 

the Director of the Federal Housing Finance Agency 

with the authority to regulate the provision of services 

provided to the Government-sponsored enterprises and 

Federal Home Loan Banks, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Strengthening Cyber3 security for the Financial Sector Act of 2024’’. 

4 SEC. 2. REGULATION AND EXAMINATION OF CREDIT UNION 

5 ORGANIZATIONS AND SERVICE PROVIDERS. 

6 Section 206A of the Federal Credit Union Act (12 

7 U.S.C. 1786a) is amended— 

8 (1) in subsection (a)(1), by striking ‘‘that’’ and 

9 inserting ‘‘an’’; 

10 (2) in subsection (c)(2), by inserting after 

11 ‘‘shall notify the Board’’ the following: ‘‘, in a man12 ner and method prescribed by the Board,’’; and 

13 (3) by striking subsection (f). 

14 SEC. 3. REGULATION OF SERVICE PROVIDERS BY THE FED15 ERAL HOUSING FINANCE AGENCY. 

16 Subpart A of part 2 of subtitle A of the Federal 

17 Housing Enterprises Financial Safety and Soundness Act 

18 of 1992 (12 U.S.C. 4541 et seq.) is amended by adding 

19 at the end the following new section: 

20 ‘‘SEC. 1329. REGULATION AND EXAMINATION OF CERTAIN 

21 SERVICE PROVIDERS. 

22 ‘‘(a) IN GENERAL.—Whenever a regulated entity or 

23 the Office of Finance causes to be performed for itself, 

24 by contract or otherwise, any activity that is permissible 

25 for the regulated entity or the Office of Finance, whether 

26 on or off its premises— 


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•HR 7036 IH

1 ‘‘(1) such performance shall be subject to regu2 lation and examination by the Director to the same 

3 extent as if such activity were being performed by 

4 such entity or Office itself on its own premises; and 

5 ‘‘(2) the regulated entity or Office of Finance 

6 shall notify the Director of the existence of the serv7 ice relationship within thirty days after the making 

8 of such service contract or the performance of the 

9 activity by the service provider, whichever occurs 

10 first. 

11 ‘‘(b) RULE OF CONSTRUCTION.—Nothing in this sub12 part may be construed as preventing a State from exer13 cising any powers or jurisdiction of the State with respect 

14 to persons or entities subject to regulation and examina15 tion by the Director pursuant to this section.’’. 

Æ 


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