§3Task 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 convened not later than 90 days after enactment. Membership includes representatives from the Bureau of Consumer Financial Protection, Federal Communications Commission, Federal Trade Commission, Department of Justice, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, National Credit Union Administration, Federal Deposit Insurance Corporation, and Financial Crimes Enforcement Network; plus appointees representing financial institutions, credit unions, digital payment networks, community banks, consumer groups, technology or online platform industry associations, and up to five representatives from scam victims, support networks, and other stakeholders.
The Task Force must meet at least three times in the first year after enactment (and thereafter as determined by the chair, potentially remotely); evaluate best practices, international approaches, scam methods, consumer education strategies, law enforcement coordination, and business email compromise solutions; and consult other stakeholders including state, local, and Tribal agencies. Not later than one year after establishment, the Task Force must submit an initial report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services—and make it publicly available online—detailing its findings, strategies, legislative and regulatory recommendations, and ways to improve intergovernmental cooperation on scams; it must provide annual updates thereafter. The Task Force is exempt from the Federal Advisory Committee Act, members serve without additional compensation, and the Task Force terminates three years after submitting the initial report.