This bill creates the Task Force for Recognizing and Averting Payment Scams (the Task Force). The Secretary of the Treasury must set up the Task Force within 90 days and serve as chair or appoint a chair. The Task Force includes representatives of many federal agencies (for example, the CFPB, FCC, FTC, DOJ, OCC, Federal Reserve, NCUA, FDIC, and FinCEN), plus appointed representatives from banks, credit unions, digital payment networks, community banks, consumer groups, industry associations, and up to five representatives for victims and support networks. The Task Force must meet at least three times in the first year and may use remote meetings. Its duties include studying current payment scam trends, examining best practices (including spoofed calls, scam texts, malicious ads and websites), reviewing international approaches, identifying scam methods used on payment platforms, developing consumer education strategies, coordinating with law enforcement, consulting state, local, and Tribal agencies, and looking at business email compromise. The Task Force must produce a public report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services within one year, and then provide annual updates. Chapter 4 of title 5, United States Code, does not apply to the Task Force. Members who are federal employees serve without additional pay. The Task Force ends three years after it submits its required report.
The Task Force will study how payment scams happen and publish recommendations and updates. It will include consumer and victim representatives and will make at least one public report and yearly updates. The effort aims to identify prevention steps, education ideas, and ways for law enforcement and industry to work together to detect and respond to scams.
No publicly available information on authorized funding or estimated costs. The bill states federal employees serving on the Task Force will not receive additional compensation beyond their regular pay. The text does not authorize specific appropriations or budget amounts.
No publicly available information in the bill text about proponents' stated arguments or goals beyond establishing the Task Force and its duties.
No publicly available information in the bill text about opponents' stated objections or concerns.