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Boosting Cybersecurity Oversight for Credit Unions and Housing Finance Providers.

This law expands government oversight of technology and service companies that work with credit unions and major housing finance institutions. The goal is to ensure that these third-party vendors, which handle sensitive consumer data and critical systems, are secure against cyber threats. This change aims to better protect your personal savings, loan information, and the stability of the housing market.
Key points
Financial regulators gain the authority to directly examine IT firms and other service providers working for credit unions to enhance data security.
The Federal Housing Finance Agency (FHFA) can now regulate vendors serving housing finance entities (like Fannie Mae), strengthening mortgage market security.
Credit unions must now notify regulators about new service relationships with third-party providers in a manner prescribed by the Board.
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Expired
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Additional Information
Print number: 118_HR_7036
Sponsor: Rep. Foster, Bill [D-IL-11]
Process start date: 2024-01-18
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Strengthening Cybersecurity for the Financial Sector Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7036.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-01-18.

What are the main provisions?

Key points include:

  • Financial regulators gain the authority to directly examine IT firms and other service providers working for credit unions to enhance data security.
  • The Federal Housing Finance Agency (FHFA) can now regulate vendors serving housing finance entities (like Fannie Mae), strengthening mortgage market security.
  • Credit unions must now notify regulators about new service relationships with third-party providers in a manner prescribed by the Board.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Foster, Bill [D-IL-11].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy Informatization Security