The US House of Representatives passed the FUTURES Act on 15 September 2026 by a sweeping 417-7 vote, advancing legislation that would require federal financial agencies to conduct thorough assessments of their technology capabilities and report their findings to Congress. The bill, formally titled the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act and designated H.R. 8278, was co-sponsored by Reps. Marlin Stutzman and Bill Foster.
The FUTURES Act does not immediately deploy new systems or mandate specific technology purchases. Instead, it establishes a structured framework of assessment, reporting and planning designed to give Congress a clearer picture of where federal financial regulators stand in terms of digital readiness and where critical gaps exist.
Legislation Requires Comprehensive Technology Assessments and Gap Reporting
Under the provisions of the FUTURES Act, a broad group of federal financial agencies would be required to submit comprehensive technology assessments to Congress. The agencies covered include the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the Federal Housing Finance Agency, the National Credit Union Administration, the Treasury Department, the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network.
These assessments would catalogue each agency’s current technological capabilities, identify procurement barriers that have hindered modernization and highlight gaps that may affect regulatory effectiveness. Once the assessments are complete, the financial agencies would be required to develop actionable plans to address the technology gaps they identify.
Rep. Stutzman noted that banks and credit unions already undergo quarterly technology reviews, internal testing and rigorous vendor due diligence. He argued that holding their regulators to a comparable standard is a reasonable expectation. The legislation also provides for additional technology reviews every five years, creating a recurring cycle of evaluation rather than a one-time exercise.
The focus on procurement barriers is a notable element of the bill. A significant portion of the FUTURES Act addresses the structural and bureaucratic challenges that have historically slowed technology adoption at federal financial agencies, aiming to give lawmakers the information they need to help streamline those processes.
Emerging Technologies and Workforce Readiness Shape the Supervisory Landscape
Beyond procurement and infrastructure, the FUTURES Act also seeks to determine whether federal financial regulators can adequately recruit and train technology specialists capable of navigating rapid changes in the financial regulatory space. This workforce dimension reflects growing concern that financial agencies technology strategies must account not only for tools but for the people who operate them.
Rep. Foster referenced the 2023 bank failures as an example of how 24-hour banking tools and social media dynamics can intensify bank runs and increase systemic risk. He pointed to emerging technologies such as AI and agentic commerce as sources of new cybersecurity threats with the potential to affect financial stability. At the same time, Foster acknowledged that these same technologies offer regulators tools to improve financial supervision, identify suspicious activity and enhance customer service quality.
Foster emphasized that maintaining a well-regulated financial system requires continual investment in new tools, a technically skilled workforce and streamlined procurement rules that allow regulators to keep pace with the private sector. Rep. Monica De La Cruz expressed support for the technology assessments the bill would generate and their potential to guide future improvements in federal financial supervision.
The FUTURES Act has passed the House and now awaits further legislative action. It has not yet been enacted into law, and its provisions remain contingent on the broader legislative process.
