Title: Strengthening Cybersecurity for the Financial Sector Act of 2022
Policy area: Finance and Financial Sector

Summary:
Strengthening Cybersecurity for the Financial Sector Act of 2022
This bill provides for the regulation and supervision of certain financial organizations and service providers.
Specifically, if a credit union that is subject to examination by the Board of Directors of the National Credit Union Administration delegates the performance of certain activities and services, the delegation must be disclosed and shall be subject to regulation and examination by the board.
Additionally, if the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, any Federal Home Loan Bank, or the Office of Finance of the Federal Home Loan Bank System delegates the performance of certain activities and services, the delegation must be disclosed and shall be subject to regulation and examination by the Federal Housing Finance Agency.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7022 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7022

 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

                             March 9, 2022

  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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Strengthening Cybersecurity for the 
Financial Sector Act of 2022''.

SEC. 2. REGULATION AND EXAMINATION OF CREDIT UNION ORGANIZATIONS AND 
              SERVICE PROVIDERS.

    Section 206A of the Federal Credit Union Act (12 U.S.C. 1786a) is 
amended--
            (1) in subsection (a)(1), by striking ``that'' and 
        inserting ``an'';
            (2) in subsection (c)(2), by inserting after ``shall notify 
        the Board'' the following: ``, in a manner and method 
        prescribed by the Board,''; and
            (3) by striking subsection (f).

SEC. 3. REGULATION OF SERVICE PROVIDERS BY THE FEDERAL HOUSING FINANCE 
              AGENCY.

    Subpart A of part 2 of subtitle A of the Federal Housing 
Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4541 
et seq.) is amended by adding at the end the following new section:

``SEC. 1329. REGULATION AND EXAMINATION OF CERTAIN SERVICE PROVIDERS.

    ``Whenever a regulated entity or the Office of Finance causes to be 
performed for itself, by contract or otherwise, any activity that is 
permissible for the regulated entity or the Office of Finance, whether 
on or off its premises--
            ``(1) such performance shall be subject to regulation and 
        examination by the Director to the same extent as if such 
        activity were being performed by such entity or Office itself 
        on its own premises; and
            ``(2) the regulated entity or Office of Finance shall 
        notify the Director of the existence of the service 
        relationship within thirty days after the making of such 
        service contract or the performance of the activity by the 
        service provider, whichever occurs first.''.
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