House Votes to Modernize Bank Oversight and Kill the Penny
A bill that would require financial regulators to assess their technological capabilities and identify ways to make examinations more efficient, effective and responsive was passed by the U.S. House of Representatives this week, the House Financial Services Committee said in a Thursday (Sept. 17) press release. The bill, the Fostering the Use of Technology to […] The post House Votes to Modernize…
The U.S. House of Representatives voted 417 to 7 to pass the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act (FUTURES Act), a bill aimed at modernizing bank oversight by requiring financial regulators to assess their technological capabilities and identify ways to improve examination efficiency.
Sponsored by Reps. Marlin Stutzman and Bill Foster, the bill emphasizes the importance of regulatory technology in keeping pace with advancements in AI and cybersecurity, particularly in safeguarding Americans' assets. Additionally, the House also passed the Common Cents Act, which would eliminate the production of the penny, citing its high cost relative to its value, and the Whistleblower Protection Act of 2025, which would extend protections for whistleblowers to federally funded contracts under the Department of Housing and Urban Development.
Brief written by urgent.news from PYMNTS's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
