Strengthening Cybersecurity for the Financial Sector Act of 2022

Bill: 117-hr-7022
Sponsor: full_name: Rep. Foster, Bill [D-IL-11]
Introduced: 2022-03-09
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Federal Housing Finance Agency
Latest action: action_date: 2022-05-17
text: Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 24 - 22.

Summaries:
action_date: 2022-03-09
action_desc: Introduced in House
text: <p><strong>Strengthening Cybersecurity for the Financial Sector Act of 2022 </strong></p> <p>This bill provides for the regulation and supervision of certain financial organizations and service providers. </p> <p>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. </p> <p>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. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7022 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.

1. Short title This Act may be cited as the Strengthening Cybersecurity for the Financial Sector Act of 2022 . 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). 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: 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. .