covered agency acquires or develops new techno-
logical systems; and 
(B) identify any challenges created by such 
procurement rules and protocols, including the 
impact such rules or protocols have on the abil-
ity of the covered agency to test new techno-
logical systems. 
(b) REPORT.—Not later than 1 year after the comple-
tion of the assessments required under subsection (a), and 
every 5 years thereafter, the covered agencies shall coordi-
nate and jointly submit to the Committee on Financial 
Services of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Senate a 
report that includes the following with respect to each cov-
ered agency— 
(1) a general overview of hardware and software 
used for information gathering and advanced ana-
lytics during supervision activities, including prod-
ucts purchased from technology vendors and products 
developed by the covered agency or contractors of the 
covered agency; 
(2) a description of the procurement practices 
and protocols of the covered agency, including a de-
scription of— 
VerDate Sep 11 2014 
19:05 Nov 01, 2024
Jkt 059200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6203
E:\BILLS\H7437.RH
H7437
ssavage on LAPJG3WLY3PROD with BILLS
(A) whether such processes are voluntarily 
adhered to or mandated; and 
(B) any challenges resulting from such 
practices and protocols and relevant factors, if 
any, that have impacted the covered agency’s 
ability to obtain new technology; 
(3) a general overview of the portion of workforce 
of the covered agency that is engaged primarily in 
technology development within the covered agency, in-
cluding— 
(A) an overview of the ability of the covered 
agency to recruit and retain appropriate tech-
nology experts; 
(B) employee self-reported workforce data; 
and 
(C) a description of the degree to which the 
covered agency relies on contractors to design, 
develop, or deploy technology and perform tech-
nology-related tasks; 
(4) a description of the processes used by the cov-
ered agency to obtain information from entities su-
pervised by the covered agency and general informa-
tion about market trends and risks; 
VerDate Sep 11 2014 
19:05 Nov 01, 2024
Jkt 059200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6203
E:\BILLS\H7437.RH
H7437
ssavage on LAPJG3WLY3PROD with BILLS
(5) a description of the ways in which the cov-
ered agency shares information or system access with 
other covered agencies; 
(6) an evaluation of the level of ease or difficulty 
experienced by the covered agency, including any 
legal or regulatory challenges, when— 
(A) sharing data with other government 
agencies; or 
(B) collecting data from entities supervised 
by the covered agency; 
(7) an evaluation of cost for supervised entities 
to modify systems to share data with covered agencies; 
and 
(8) a description of any plans the covered agency 
has that relate to how the covered agency will imple-
ment future upgrades to the technology used by the 
covered agency to supervise entities supervised by the 
covered agency, including— 
(A) a general description of any planned 
upgrades; 
(B) the anticipated timeline for any 
planned upgrades; 
(C) the costs of any planned upgrades; 
(D) any concerns about access to needed re-
sources; 
VerDate Sep 11 2014 
19:05 Nov 01, 2024
Jkt 059200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6203
E:\BILLS\H7437.RH
H7437
ssavage on LAPJG3WLY3PROD with BILLS
(E) intended efforts for hiring and training 
individuals as part of any technological up-
grades; 
(F) any aspects of any planned upgrades 
that should be addressed on an interagency basis; 
and 
(G) any anticipated challenges and solu-
tions associated with entities supervised by the 
covered agency adapting to new reporting re-
quirements, including— 
(i) estimates of transition costs; and 
(ii) estimates of any potential cost re-
ductions. 
(c) COVERED AGENCY DEFINED.—In this section, the 
‘‘covered agency’’ means the Board of Governors of the Fed-
eral Reserve System, the Federal Deposit Insurance Cor-
poration, Office of the Comptroller of the Currency, the Bu-
reau of Consumer Financial Protection, and the National 
Credit Union Administration. 
VerDate Sep 11 2014 
19:05 Nov 01, 2024
Jkt 059200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6203
E:\BILLS\H7437.RH
H7437
ssavage on LAPJG3WLY3PROD with BILLS
Union Calendar No. 615 
118TH CONGRESS 
2D SESSION 
H. R. 7437 
[Report No. 118–728] 
A BILL 
To require certain supervisory agencies to assess 
their technological vulnerabilities, and for other 
purposes. 
NOVEMBER 1, 2024 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
19:05 Nov 01, 2024
Jkt 059200
PO 00000
Frm 00010
Fmt 6651
Sfmt 6651
E:\BILLS\H7437.RH
H7437
ssavage on LAPJG3WLY3PROD with BILLS