§3.Task Force on Payment Scams
This section establishes a Task Force for Recognizing and Averting Payment Scams, chaired by the Secretary of the Treasury (or designee), to be formed not later than 90 days after enactment. The task force comprises representatives from 10 federal agencies and offices (i.e., CFPB, FCC, FTC, DOJ, OCC, Federal Reserve, NCUA, FDIC, FinCEN) and up to 11 nonfederal members appointed by the Secretary (i.e., from a financial institution, credit union, digital payment network, community bank, consumer group, technology/online platforms industry association, and not more than 5 from victims, scam support networks, or other stakeholders). Duties include evaluating scam methods (e.g., spoofed calls, texts, malicious ads/websites, business email compromise), assessing international approaches, developing consumer education strategies, coordinating law enforcement, consulting stakeholders, and identifying needed legislation.
The task force must meet at least 3 times in the first year after enactment and, not later than 1 year after establishment, submit an initial report to the Senate Banking Committee and House Financial Services Committee (and publicly online) with findings, strategies, legislative/regulatory recommendations, and ways to improve intergovernmental cooperation on scams; annual report updates are required thereafter. The task force is exempt from the Federal Advisory Committee Act, members serve without additional compensation, and the task force sunsets 3 years after the initial report.