S. 2117 — Preventing Deep Fake Scams Act

This section sets forth six congressional findings on artificial intelligence in the financial services sector, including its innovative uses and benefits to banks, credit unions, and consumers; threats to customer account safety from deep fakes and voice or audio manipulation; and risks to voice banking enabled by social media-obtained materials.

This section establishes a Task Force on Artificial Intelligence in the Financial Services Sector, chaired by the Secretary of the Treasury (or designee) and comprising designees from the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Bureau of Consumer Financial Protection, National Credit Union Administration, and Financial Crimes Enforcement Network. The Task Force must solicit public feedback within 90 days of enactment; consult industry stakeholders (e.g., depository institutions and credit unions of varying sizes, third-party AI vendors, and AI experts); and submit a report to Congress within one year of enactment that (1) describes banks' and credit unions' use of AI to protect against fraud, (2) provides standard definitions for AI terms (e.g., generative AI, machine learning, natural language processing, algorithmic AI, deep fakes), (3) identifies risks from bad actors using AI for data/identity theft and fraud, (4) lists best practices for customer protection, and (5) offers legislative and regulatory recommendations. The Task Force terminates 90 days after issuing the report.