Washington, Sept. 2 -- Congressman Bill Foster issued the following press release:
Washington, DC - Today, Congressman Bill Foster (D-IL) introduced legislation to strengthen oversight of technology service providers that support the financial services industry as advances in artificial intelligence (AI) create new risks for financial institutions and their customers.
The Strengthening Oversight for the Financial Sector Act would give the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA) the authority to oversee third-party vendors used by the entities they regulate. This authority, which is available to other federal financial regulators, had been temporarily granted to the NCUA, but has since expir...