117 HR 7022 IH: Strengthening Cybersecurity for the Financial Sector Act of 2022 U.S. House of Representatives 2022-03-09 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I117th CONGRESS2d SessionH. R. 7022IN THE HOUSE OF REPRESENTATIVESMarch 9, 2022Mr. Foster introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo 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.

1.

Short title

This Act may be cited as the Strengthening Cybersecurity for the Financial Sector Act of 2022.

2.

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).

3.

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

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.

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