To 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.
Strengthening Cybersecurity for the Financial Sector Act of 2022
This bill provides for the regulation and supervision of certain financial organizations and service providers.
Specifically, if a credit union that is subject to examination by the Board of Directors of the National Credit Union Administration delegates the performance of certain activities and services, the delegation must be disclosed and shall be subject to regulation and examination by the board.
Additionally, if the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, any Federal Home Loan Bank, or the Office of Finance of the Federal Home Loan Bank System delegates the performance of certain activities and services, the delegation must be disclosed and shall be subject to regulation and examination by the Federal Housing Finance Agency.
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