I
118th CONGRESS
2d Session
H. R. 7036
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.
Short title
This Act may be cited as the Strengthening Cybersecurity for the Financial Sector Act of 2024
.
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—
in subsection (a)(1), by striking that
and inserting an
;
in subsection (c)(2), by inserting after shall notify the Board
the following: , in a manner and method prescribed by the Board,
; and
by striking subsection (f).
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:
Regulation and examination of certain service providers
In general
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—
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
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.
Rule of construction
Nothing in this subpart may be construed as preventing a State from exercising any powers or jurisdiction of the State with respect to persons or entities subject to regulation and examination by the Director pursuant to this section.
.