PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Financial Services.
Congressional Research Service
No official summary is available in the imported record yet.
People & committees
Rep. Foster, Bill [D-IL-11] · D–IL
Legislative record
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Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
Source last updated: Sep 10, 2026. Consult Congress.gov for the current record.
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PlainBill explanation
Based on the full Introduced in House · 2026-09-02 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
The bill would put activities performed by outside service providers for covered housing-finance entities under the same federal oversight as activities performed internally. Those entities would have to report service relationships within 30 days. It would also change notification requirements in federal credit-union law and delete a subsection whose contents are not supplied, leaving that deletion’s practical effect unclear.
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
the regulated entity or Office of Finance shall notify the Director of the existence of the service relationship within thirty days
(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).
Section 2 would require a notification already required under section 206A(c)(2) of the Federal Credit Union Act to follow the manner and method prescribed by the Board. The existing notification provision is not reproduced, so the supplied text does not establish who must notify the Board or what triggers that duty.
Section 206A of the Federal Credit Union Act (12 U.S.C. 1786a) is amended—
(2) in subsection (c)(2), by inserting after shall notify the Board the following: , in a manner and method prescribed by the Board,
Section 2 would also replace “that” with “an” in section 206A(a)(1) and delete section 206A(f). Their substantive effects cannot be determined from these editing instructions without the existing statutory text.
(1) in subsection (a)(1), by striking that and inserting an;
(3) by striking subsection (f).
Section 3 would give the Federal Housing Finance Agency’s Director authority to regulate and examine activities performed for a regulated entity or the Office of Finance by a service provider. This would cover activities the entity or Office is permitted to perform, whether arranged by contract or otherwise and whether performed on or off its premises. Oversight would apply to the same extent as if the entity or Office performed the activity itself.
3. Regulation of service providers by the Federal housing finance agency
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;
The regulated entity or Office of Finance would have to notify the Director about the service relationship within 30 days after the service contract is made or the provider performs the activity, whichever happens first.
(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.
Section 3 would preserve states’ ability to exercise their powers and jurisdiction over people or entities subject to the Director’s oversight under the new section.
(b) Rule of construction Nothing in this subpart may be construed as preventing a State from exercising any powers or jurisdiction of the State with respect to persons or entities subject to regulation and examination by the Director pursuant to this section.
The source snapshot updated September 10, 2026, records introduction in the House and referral to the House Committee on Financial Services on September 2, 2026. It does not establish later legislative action or enactment.
Source snapshot updated 2026-09-10T15:57:16Z. 2026-09-02: Referred to the House Committee on Financial Services. 2026-09-02: Introduced in House
A closer look
Reviewed version: Introduced in House · 2026-09-02. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
None identified in the reviewed text
No provision unrelated to financial-sector oversight was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish the contents of other versions or accompanying materials.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for particular recipients or places was identified in the complete supplied introduced text. This conclusion is limited to that version; accompanying earmark materials are not supplied.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
Evidence is limited
No narrow preferential treatment is apparent in the provisions reproduced in full. However, the missing statutory language changed or deleted by section 2 prevents a complete assessment of whether those amendments create a targeted benefit.
Full text preserved for this analysis. Legislative record snapshot: Sep 10, 2026. How PlainBill uses AI