CBA Voices Support for Legislation to Combat Fraud Ahead of House Financial Services Committee Markup
WASHINGTON, D.C. – Ahead of the U.S. House Financial Service Committee’s markup today, the Consumer Bankers Association (CBA) sent a letter of support for a number of the pieces of legislation that will be considered related to combatting fraud and scams and artificial intelligence (AI).
In the letter, CBA said:
“CBA welcomes the Committee’s efforts to advance legislation to combat fraud and scams and to also provide both financial institutions and regulators with the tools and resources necessary to operate with AI and other emerging technologies. These efforts will help ensure that the financial system can keep pace with innovation while prioritizing consumer protection.
“The fraud and scam epidemic today is not a series of isolated incidents. It is a rapidly evolving, technology-accelerated, globally coordinated threat that inflicts billions of dollars in losses each year, undermines trust in reputable institutions, and has a tangible financial and emotionally impact on American victims. A whole-of-government strategy that brings together financial regulators, law enforcement, technology companies, telecommunications providers, and social media companies to address the root causes of fraud and scams before they reach our financial institutions, and their customers, is critically necessary.”
The pieces of legislation that are being considered in the markup that CBA supports include:
- Rep. Zach Nunn’s (R-Iowa) H.R. 2978, Guarding Unprotected Aging Retirees from Deception (GUARD) Act;
- Rep. Mike Flood’s H.R. 8671 (R-Neb.), Bank Fraud Technology Advancement Act of 2026;
- Rep. Zach Nunn’s H.R. 2152, Artificial Intelligence Practices, Logistics, Actions, and Necessities (AI PLAN) Act;
- Chairman French Hill’s (R-Ark.) H.R. H.R. 4801, Unleashing AI Innovation in Financial Services Act; and
- Rep. Marlin Stutzman’s (R-Fla.) H.R. 8278, Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision (FUTURES) Act.
To read the full letter, click HERE.
