1. Short title This Act may be cited as the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act . 2. Findings Congress finds the following: (1) Banking regulators continue to examine and monitor depository institutions without access to real-time information. (2) Bureaucracy and risk surrounding technology procurement presents a difficult challenge for updating supervisory technology. (3) To ensure that prudential supervision is effective and sustainable in the digital age, agencies must leverage new technologies to allow for the financial monitoring necessary to preserve a safe and sound banking system. (4) New technology tools are also necessary in order for agencies to effectively fulfill mandates other than prudential supervision, including their mandates to assure consumer protection and monitor Bank Secrecy Act compliance. (5) Agencies’ reliance on outdated technology creates vulnerabilities for the financial system, causing— (A) difficulties in collecting, compiling, and analyzing relevant information about risks and noncompliance at supervised firms; (B) reliance on information that is inaccurate, incomplete, or not timely; reliance on limited and outdated tools for data analysis; (C) difficulties in using data to identify risk trends; (D) difficulty in producing accurate and timely reports; (E) inadequacy of cybersecurity safeguards