In one paragraph
The federal H.R. 1734 (Preventing Deep Fake Scams Act) would create a Task Force on Artificial Intelligence in the Financial Services Sector, chaired by the Treasury Secretary, to report to Congress within 1 year of enactment on how banks and credit unions protect themselves and consumers from fraud using AI, AI risks from bad actors, best practices and recommendations. Introduced February 27, 2025 and referred to the House Financial Services Committee; no further action.
Plain-English summary, written with AI assistance. The official text controls.
What it means for business
None yet: the bill is pending. No duties for businesses. Banks and credit unions would be consulted, but the bill only creates a federal task force that reports to Congress.
Key provisions
- Establishes a Task Force on Artificial Intelligence in the Financial Services Sector with 7 members: the Secretary of the Treasury (Chair), Comptroller of the Currency, Federal Reserve Board Chairman, FDIC Chairperson, CFPB Director, NCUA Chairman and FinCEN Director
- The Task Force must issue a report to Congress by the end of the 1-year period beginning on enactment and, within 90 days after enactment, shall solicit public feedback
- It must consult banks and credit unions of varying sizes, third-party AI vendors and AI experts
- The report must describe how banks and credit unions proactively protect themselves and consumers from fraud utilizing AI, list standard definitions (including generative AI, machine learning, natural language processing, algorithmic AI and deep fakes), describe risks from bad actors' AI use to steal data and identities, list best practices, and give legislative and regulatory recommendations
- The Task Force terminates 90 days after the final report; the text sets no appropriations or penalties
- Introduced February 27, 2025 and referred to the House Financial Services Committee
Latest legislative action
Feb 27, 2025. Referred to the House Committee on Financial Services.
Sponsors (showing 5 of 12)
| Name | Role | District |
|---|---|---|
| Alexandria Ocasio-Cortez D | Sponsor | HD-NY-14 |
| Brian Fitzpatrick R | Sponsor | HD-PA-1 |
| Brittany Pettersen D | Sponsor | HD-CO-7 |
| Jeff Van Drew R | Sponsor | HD-NJ-2 |
| Josh Gottheimer D | Sponsor | HD-NJ-5 |
Topics and industries
Related topics
Affected industries
This page is general information, not legal advice. Summaries are AI-assisted and may contain errors; read the statute for the controlling text and talk to a lawyer about your situation. Full disclaimer · Report an error