H.R. 10230House119th Congress (2025-2027)In Committee

Strengthening Oversight for the Financial Sector Act of 2026

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Updated September 3, 2026 at 11:51 AM UTC

The Strengthening Oversight for the Financial Sector Act of 2026 updates the Federal Credit Union Act and gives the Federal Housing Finance Agency (FHFA) new authority over service providers that work with government‑sponsored enterprises and Federal Home Loan Banks. It makes minor wording changes to credit‑union examination rules and adds a new FHFA provision that requires service contracts to be reported and allows the agency to examine those providers. The changes affect credit unions, their service providers, and any entities that supply services to GSEs or Federal Home Loan Banks.

Key Provisions

Amends Section 206A of the Federal Credit Union Act by changing a wording from “that” to “an,” adding a requirement that the Board be notified in a prescribed manner, and deleting subsection (f).
Creates a new Section 1329 under the Federal Housing Enterprises Financial Safety and Soundness Act, giving the FHFA Director authority to regulate and examine any service provider performing activities for a regulated entity or the Office of Finance, as if the activity were done on the entity’s own premises.
Requires the regulated entity or Office of Finance to notify the FHFA Director of any such service relationship within 30 days of the contract or performance of the activity.
Clarifies that the new FHFA authority does not limit a State’s ability to exercise its own regulatory powers over the same service providers.

Legislative Activity

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1 earlier action

HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

September 2, 2026

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HouseIntro Referral

Introduced in House

September 2, 2026

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

September 2, 2026

Bill Text

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Introduced in HouseIssued September 2, 2026

119th CONGRESS

2d Session

H. R. 10230

IN THE HOUSE OF REPRESENTATIVES

September 2, 2026

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 Oversight for the Financial Sector Act of 2026.

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).

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

(a)

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—

(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.

(b)

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.